The Russian State Duma has approved a draft law for taxing cryptocurrency transactions, aligning it with upcoming digital currency regulations.
On June 9, the Russian State Duma approved a draft law in its first reading that establishes a taxation framework for cryptocurrency transactions, as reported by TASS. This legislation aims to synchronize the Tax Code with the upcoming "On Digital Currency and Digital Rights" law.
Proposed Tax Changes
The draft defines the tax base for cryptocurrency transactions as the difference between income and documented expenses, with calculations following the FIFO (First In, First Out) method. It also introduces a netting option, allowing for the offsetting of profits and losses from digital currency transactions within a single tax period.
For personal income tax purposes, brokers, trust managers, and digital depositories will serve as tax agents when they facilitate income payments to individuals. The Budget and Tax Committee of the State Duma is considering extending these responsibilities to cryptocurrency exchanges in future discussions.
Companies will include income and expenses from cryptocurrency transactions, excluding mining, under foreign trade contracts in their profit tax calculations. Digital rights will be treated similarly to cryptocurrencies for tax purposes.
Additionally, sales of non-deliverable foreign digital rights, which validate monetary claims, are set to be exempt from VAT, as are services by cryptocurrency exchanges and depositories.
Periodic payments from debt digital financial assets (DFAs) that aren't related to buybacks will be taxed as interest income on loans. A favorable tax rate for ruble-denominated debt DFAs issued by Russian entities and traded on organized markets will also be introduced.
Implementation Timeline
The draft was submitted to the State Duma by the government on April 29. If passed, it will become law one month after publication. Key provisions related to miners' market valuations are expected to take effect on January 1, 2028, and a distinct regime for debt DFAs will commence on January 1, 2030.
Previously proposed tax rates included a personal income tax of 13-15% and a 25% profit tax rate for corporations as outlined in a draft law from November 2024.
The foundational draft for "On Digital Currency and Digital Rights" received initial approval on April 21, 2026.
