The State Duma passed a law on taxes on mining and cryptocurrency transactions

The law recognizes digital assets as property for tax purposes. Income from transactions with them will be included in the single tax base along with income from transactions with securities. Starting in 2025, the personal income tax rate for holders of such assets may be 13%, and for incomes exceeding 2.4 million rubles per year – 15%, notes Interfax. At the same time, cryptocurrency transactions are exempt from VAT.

Taxes on mining income will be calculated based on the market price of the cryptocurrency on the date the income was received. The market quote is defined as the closing price set by a currency exchange with a trading volume of more than 100 billion rubles per day. Miners will be able to choose the quote from one of the exchanges if the transactions were made through multiple platforms. The closing price will be converted into rubles at the exchange rate of the Central Bank on the date of revenue recognition.

The bill states that revenue from the sale of digital currency will be determined based on the actual transaction price, but not below the market value reduced by 20%. Income may be reduced by expenses incurred in connection with mining. When purchasing cryptocurrencies, their value is determined by the actual price, but not above the market value increased by 20%.

Mining infrastructure operators must report miners to the tax authorities on a quarterly basis. Otherwise, from January 1, 2025, they will face a fine of 40 thousand rubles.

As part of the experimental legal regime regarding digital innovation, income and expenses from cryptocurrency operations (with the exception of mining) will be taken into account in the general tax base. The services of organizations carrying out transactions within the EPR are exempt from tax.

• The law legalizing cryptocurrency mining was signed by Vladimir Putin in early August. The document came into force on November 1, 2024. The law establishes a series of restrictions for miners. For example, natural persons can only mine within the limit of energy consumption, and legal entities and individual entrepreneurs are prohibited from combining mining with the purchase, sale and transfer of energy.

• At a meeting in October this year, Putin supported limiting mining in regions with problematic energy supplies, explaining that in some regions “there is already a lack of electricity.”

• At the end of November, the Government Energy Commission approved the restriction of cryptocurrency mining in the autumn-winter period in at least 13 regions of Russia, where there is a “complicated regime and a situation of balance in the energy industry electric”.