Russia enacted a cryptocurrency tax legislation in late 2024, with President Putin signing the law amending the Tax Code to formally recognise digital currency as property. 

The new law, which came into force following its enactment, establishes a clear statutory basis for taxing cryptocurrency transactions and provides a tiered income tax structure for individuals engaged in crypto trading. For the first time, Russia has a coherent legislative framework governing how crypto income is assessed rather than relying on fragmented interpretive guidance.

Capital Gains Tax Rules

Russia does not operate a separate capital gains tax system. Instead, gains from the disposal of cryptocurrency are subject to personal income tax under the amended Tax Code. 

The taxable gain is the profit realised on disposal, calculated as the proceeds received in rubles minus the cost of acquiring the cryptocurrency. This approach treats crypto similarly to other forms of property income in the Russian tax system.

How gains are calculated

The taxable amount is the net gain from each disposal event. Simply, the ruble proceeds received on sale or exchange minus the documented acquisition cost of the disposed asset.

Crypto-to-crypto exchanges are disposal events that require recognition of a gain or loss at the time of the exchange. Where proceeds are received in a foreign currency or in another cryptocurrency, conversion to rubles using the applicable exchange rate at the date of disposal is required for reporting.

The tiered tax rate structure means that an individual taxpayer’s overall crypto income for the year determines the applicable rate. 13% applies to cumulative net gains up to 2.4 million rubles, and 15% applies to the portion exceeding that threshold. 

This mirrors the progressive structure applied to other income categories in Russia. As of 2025, Russia has not published guidance on whether the discount for long-term holdings or any equivalent concession applies to crypto assets.

Record keeping

Taxpayers are required to maintain records supporting their reported gains, including evidence of acquisition costs, disposal proceeds, exchange records, and transaction dates. 

These records must be sufficient to allow the Federal Tax Service to verify the accuracy of reported amounts. Given the relatively recent nature of the legislation, detailed administrative guidance on specific record-keeping formats for crypto has not yet been published as of early 2026.

Income Tax Rules

Individuals receiving cryptocurrency as income, whether as payment for services, from business activities, or from other sources, are subject to personal income tax on the value of that crypto at the time of receipt.

For corporate entities, all income derived from crypto activity, including trading profits, is included in the standard corporate income tax base and taxed at 25%. This rate applies from the 2025 tax year following the increase from the previous 20% standard rate. Businesses operating in the crypto sector, including exchanges and trading firms, are required to account for crypto income in their standard corporate tax filings.

Russia’s personal income tax regime is subject to a flat structure for most income types, with the tiered 13%/15% rates applying to total annual income. For taxpayers with significant crypto income in a given year, the 15% rate will apply to the portion of their total income exceeding 2.4 million rubles, regardless of whether the excess is attributable to crypto gains or other income sources.

Mining and Staking Treatment

Mining

Under the new cryptocurrency tax law, mining income is subject to income tax in Russia. 

Mining operators are required to report to local authorities as a compliance obligation separate from their tax filing duties. The income from mining is taxable at the standard personal income tax rates (13%/15% for individuals) or the 25% corporate rate for businesses.

Crucially, the law exempts cryptocurrency mining and sales from VAT. This exemption is significant for mining businesses, as it removes a layer of tax that could otherwise substantially increase the cost of running mining operations. 

Business expenses incurred in connection with mining, including electricity costs, hardware, and cooling infrastructure, are expected to be deductible against mining income for operators registered as businesses, consistent with general business expense deductibility principles.

Staking

As of 2026, Russia’s amended Tax Code and the supporting guidance do not specifically address staking rewards. 

Applying general principles of Russian income tax law, staking rewards received by individuals would be treated as income at the time of receipt, valued in rubles at the prevailing market rate, and subject to personal income tax at the applicable tiered rate. The VAT exemption that applies to mining and sales may or may not extend to staking activity depending on how the tax authority characterises it, and this point has not been definitively resolved.

Taxpayers earning staking rewards should apply the conservative position of recognising income at receipt and maintaining detailed records of each reward, pending further guidance from the Federal Tax Service on the precise treatment of staking under the amended Tax Code.

NFT Taxation

Russia has not issued specific guidance on the tax treatment of NFTs following the 2024 amendments to the Tax Code. 

Under the general framework that treats digital currency as property, NFTs would likely be treated as a form of digital property, and gains from their disposal would be subject to personal income tax at the applicable tiered rate. However, NFTs present definitional complexity, as they may or may not fall within the Tax Code’s definition of “digital currency” depending on their specific characteristics.

For creators and commercial sellers of NFTs, the income received would be expected to constitute ordinary business or professional income, taxable at the personal income tax rates or the corporate rate as applicable. The VAT exemption for crypto mining and sales may not automatically extend to NFT transactions, particularly where an NFT represents a supply of goods or services rather than a financial instrument.

Taxpayers who are active in the NFT market in Russia should seek professional advice on how their specific transactions are characterised under the amended Tax Code, particularly given the novelty of the legislative framework and the absence of detailed implementing guidance.

Reporting Requirements

Russian taxpayers report personal income, including income and gains from cryptocurrency activity, through the annual personal income tax return (Form 3-NDFL) filed with the Federal Tax Service. All crypto income and gains must be included in the return for the relevant tax year, expressed in rubles. Corporate entities report crypto income through their standard corporate income tax filings.

As of 2026, Russia does not operate a formal data-matching programme between the Federal Tax Service and domestic or international crypto exchanges equivalent to those in other countries. However, the regulatory framework for VASPs is changing, and the Federal Tax Service has indicated that improving crypto tax compliance is a priority following the enactment of the 2024 legislation.

Records supporting all reported amounts, including transaction histories, acquisition cost evidence, and disposal proceeds, should be retained for the standard statutory period applicable under Russian tax administration law.

Penalties

Russia’s Tax Code provides for penalties and interest in cases of non-compliance, including failure to report taxable income from cryptocurrency. Penalties for underpayment of tax due to incorrect reporting or non-disclosure are calculated as a percentage of the unpaid tax amount, with rates varying based on the degree of culpability. Deliberate evasion attracts more significant penalties than inadvertent error.

Interest on unpaid tax accrues from the original due date at the statutory rate applicable under the Tax Code. For mining operators, the specific fine of 40,000 rubles for failure to comply with the local authority reporting obligation applies in addition to any tax-related penalties for underpayment.

The passage of the 2024 law signals a clearer regulatory environment and a greater willingness by Russian authorities to enforce crypto tax obligations. Taxpayers who have not previously reported crypto income under the new framework should seek professional advice and consider proactively regularising their position.