Russian President Vladimir Putin has signed a law regulating the taxation of digital currency, which recognizes it as property. The document comes into force from the moment of official publication, with the exception of provisions with deferred deadlines.
Mining and sale of digital currency are exempt from VAT, and tax is also not levied for the services of organizations providing transactions within the framework of the experimental legal regime (EPR). Operators of mining infrastructure are required to transmit data on users of their services for the issuance of cryptocurrency to the tax authorities; non-compliance is subject to a fine of 40 thousand rubles.
Income from mining is subject to personal income tax as in-kind income, determined by market quotations. The tax is calculated on a progressive scale, with the possibility of deducting mining expenses. Income from transactions with digital currency is subject to a two-tier scale: 13% for income up to 2.4 million rubles and 15% for the excess. The profit of organizations from mining will be taxed at the standard corporate income tax rate (25% from 2025).
Organizations and individual entrepreneurs involved in mining and selling digital currency are deprived of the right to apply preferential tax regimes, including the simplified tax system, the patent system, and the tax for the self-employed.
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