TechFlow news, on November 13, according to Forbes, the Russian government's Legislative Activities Committee advanced a cryptocurrency tax bill on November 11, 2024. The bill defines cryptocurrencies as property and establishes different tax requirements for individual and corporate miners. Under the new rules, companies must register with the Federal Tax Service to legally conduct mining operations, while individuals using less than 6,000 kilowatt-hours per month may operate without registration.
The new framework adopts a two-stage taxation model: the first stage taxes cryptocurrency upon receipt, with the tax base calculated based on closing prices from major exchanges; the second stage applies taxation upon sale, imposing additional taxes if the selling price exceeds the initial taxable value. Starting in 2024, individual traders and miners with annual income exceeding 2.4 million rubles will be subject to progressive taxation ranging from 13% to 22%, while corporate tax rates will rise to 25% in 2025.
According to estimates by the Industrial Mining Association, these tax measures could generate 50 billion rubles (approximately $521 million) in annual budget revenue.
