The Federation Council, Russia’s upper house of parliament, approved a government-initiated bill outlining the taxation framework for digital currencies on Wednesday. This legislation, passed during a plenary session, follows its earlier approval in the State Duma, the lower legislative chamber, the previous day.

The new law classifies digital currencies, including those used as payment instruments under experimental legal regimes, as property under the Russian Internal Revenue Code. This classification exempts digital currency mining and sales transactions from value-added tax (VAT), easing financial obligations for participants in the sector. Additionally, services provided by authorized organizations facilitating transactions within these experimental regimes will also be exempt from taxation.

One significant provision mandates that mining infrastructure operators must report data on individuals using their systems to tax authorities. Revenue from digital currency mining will be recognized as taxable income, forming the basis for personal income tax. Businesses engaged in mining activities will pay the standard corporate income tax rate, according to Danil Volkov, head of the Russian Finance Ministry’s department.

In the legislative process, a bill must pass multiple readings in the State Duma, gain approval from the Federation Council, and receive the president’s signature to become law. With President Vladimir Putin’s expected endorsement, the legislation will formally establish a detailed taxation framework for digital currencies in Russia.

The law reflects Russia’s broader initiative to regulate the cryptocurrency market amid rising global scrutiny. Mining revenue will be taxed based on asset values on international exchanges. Personal income tax rates for digital currencies will remain at 13% for most earners, increasing to 15% for annual incomes exceeding 2.4 million rubles starting in 2025. These measures aim to ensure transparency, legal clarity, and alignment with national economic goals, fostering controlled growth in the sector while contributing to public revenue.

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