Russia: Adopted Bill establishing taxation rules for digital currencies through amendments to the Tax Code

On 27 November 2024, the Federation Council adopted the Bill establishing taxation rules for digital currencies through amendments to the Tax Code (Bill no. 1065710-7). The Bill recognises digital currencies as property, mandates reporting obligations for mining infrastructure operators, and exempts mining and sales activities from value-added tax. Income derived from digital currencies, including mining and transactions, is subject to personal or corporate income tax, with valuation based on market quotations. The Bill includes deductions for mining expenses, loss carryovers, and fines for non-compliance, ensuring transparency and aligning with global standards. The Bill’s provisions take effect starting 1 January 2025.