Russian President Putin Officially Signs Digital Currency Tax Law

BlockBeats News, November 29, according to TASS, Russian President Vladimir Putin has signed a law regulating the taxation of digital currencies.

According to the law, digital currency is classified as property. This also applies to currencies used in foreign trade payments within the framework of the Experimental Legal Regime (EPR) in the field of digital innovation. Mining and sales of digital currency are exempt from value-added tax. Operators of mining infrastructure must report to the tax authorities issuing cryptocurrency for the use of their services. Failure to submit such information on time may result in a fine of 40,000 rubles.

In terms of personal income tax, digital currency obtained through mining will be classified as non-monetary income (usually used when goods or services are received in exchange for something other than money). The value of the received currency will be determined based on market prices. Such income will be subject to a progressive tax rate, taking into account a tax deduction for mining expenses.

At the same time, income from the acquisition, sale, or other circulation of digital currency will be subject to a two-stage personal income tax rate (13% for income up to 2.4 million rubles, and 15% for income exceeding this amount). They will be included in the same tax base as income from securities, bank deposits, and other sources. Regarding corporate income tax, cryptocurrency mining will be taxed at the standard rate (25% starting from 2025).