TechFlow news — On November 29, according to TASS, Russian President Vladimir Putin signed a law regulating the taxation of digital currencies.
Under the law, digital currencies are recognized as property. This also applies to currencies used for foreign trade payments "within the framework of the experimental legal regime in the field of digital innovation (EPR)." Mining and selling digital currencies will be exempt from value-added tax. Operators of mining infrastructure must report to tax authorities on cryptocurrency issuances made by clients using their services. Failure to transmit such information on time may result in a fine of 40,000 rubles.
Regarding personal income tax, digital currencies obtained through mining will be classified as in-kind income (a term typically used when goods or services are exchanged instead of money).
The value of the acquired currency will be determined based on market quotations. Such income will be taxed at the standard progressive rates, with tax deductions accounting for mining-related expenses.
Meanwhile, income from acquiring, selling, or otherwise circulating digital currencies will be subject to a two-tier personal income tax rate (13% for income up to 2.4 million rubles, and 15% for amounts exceeding this threshold). These incomes will be included in the same tax base as income from securities, bank deposits, and other sources. For corporate income tax, cryptocurrency mining will be taxed at the standard rate (25% starting in 2025).
