The Russian tax agency is now publishing market information for various cryptocurrencies on its website to help bitcoin miners determine their tax obligations.
The market data can be found on a separate page along with detailed information regarding the taxation of income and profits derived from crypto mining activities in the country.
The Federal Tax Service of the Russian Federation (FNS) has introduced a new section on its website designed to help crypto miners file properly filled tax declarations.
The dedicated page starts with useful information for those involved in the minting of digital coins, including instructions on how to register as a miner and submit a tax return.
A special feature allows taxpayers from the industry to obtain price quotations for several dozen cryptocurrencies, including bitcoin (BTC) and DOGE.
The data is sourced from a number of cryptocurrency exchanges, among them Binance, the world’s leading trading platform for digital assets in terms of daily trading volume, Bybit and OKX.
In accordance with Russia’s Tax Code, income in the form of digital currency obtained as a result of mining is determined by a market quote from the date of its receipt.
The quotation is the closing price, as calculated by the entity organizing the crypto trade based on transactions made through the platform during the trading day.
The price of a digital currency expressed in foreign fiat should be converted into Russian rubles at the official exchange rate of the Central Bank of Russia for the same date.
The FNS also publishes a minimum closing price for each digital currency for the respective trading platform obtained by analyzing the trading pairs available on a given day.
Mining revenues exempted from VAT, income, and corporate tax apply
Crypto mining is recognized as a legal business activity in the Russian Federation, and persons and companies engaged in the industry are required to register with the FNS to operate within the law and pay taxes.
Russian legislation defines two categories of players in the sector – “miner,” a person who mints digital currency, including as a participant in a mining pool, and “operator of mining infrastructure” – a person or entity providing mining infrastructure and services for the needs of miners and mining pools.
Cryptocurrency mining operations are not subject to taxation with value-added tax (VAT). Private individuals mining crypto are obliged to pay between 13 and 15% income tax, depending on the amount earned, while a 25% corporate tax on profits applies to business organizations.
Energy-rich Russia has a relatively large crypto mining sector and is a top-five bitcoin mining destination, accounting for nearly 5% of the global monthly hashrate.
In November, Russian President Vladimir Putin, who has in the past highlighted Russia’s advantages as a host for mining farms, signed a law regulating the taxation of mining and related cryptocurrency transactions.
The Russian state expects to collect up to 200 billion rubles (over $2 billion) from miners annually, according to estimates quoted by the local press.
However, Russian miners have been affected by a seasonal ban on mining in a number of Russian regions aimed at reducing electricity consumption during the cold winter months.
Recently, the federal government decided to replace the temporary restrictions in parts of the Far Eastern Irkutsk Oblast with a year-round ban on mining until 2031, responding to complaints by local officials who blamed the energy-hungry industry for power deficits and outages in the region.
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