Russia is moving quickly to implement new cryptocurrency taxes, as Bitcoin hits record-breaking highs against the nation’s ruble.
On November 27, the Federation Council, Russia’s upper parliamentary chamber, passed a federal bill aimed at introducing new taxes on cryptocurrency transactions.
The proposed legislation recognizes digital currencies as property and imposes a personal income tax of 13%–15% on profits made from cryptocurrency sales. It also offers an exemption for Russian crypto miners from value-added tax (VAT) on mined coins.
Having passed three readings in the State Duma, the bill now awaits President Vladimir Putin’s signature to become law. Once signed, it will go into effect when officially published.
Russian crypto miners must report activity to the government
The bill designates digital currencies—used both as property and as a means of payment in Russia’s experimental legal crypto ecosystem—as taxable assets.
For tax enforcement, Russian mining infrastructure operators must report detailed information about their mining services to local authorities. Failure to comply will result in fines of 40,000 rubles (around $360).
Furthermore, mining services provided by authorized operators will not be taxed within the Russian Federation.
Bitcoin is trading at all-time high levels against the ruble
The Federation Council’s approval of the new tax laws coincides with Bitcoin reaching unprecedented levels against Russia’s ruble. On November 27, Bitcoin reached an all-time high of approximately 11 million rubles, based on data from Coinbase.
This surge is driven by Bitcoin’s global price rise, nearing $100,000, as well as the ruble’s depreciation against the U.S. dollar.
On the same day, the ruble hit a multiyear low of 113 to the dollar, a rate last seen briefly in March 2022 following Russia’s declaration of a “special military operation” in Ukraine.
According to TradingView data, the dollar is currently valued at 111 rubles, reflecting a 25% increase over the past year.
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