Russia published Federal Law No. 418-FZ on 29 November 2024, which introduces amendments to the Tax Code concerning the taxation of income derived from cryptocurrency activities, including mining and trading. The law will take effect on 1 January 2025.
Under the new provisions, cryptocurrencies are classified as non-depreciable assets for corporate income tax purposes. Mining operations will be taxed at the standard corporate income tax rate when cryptocurrency is received in the miner’s wallet, based on its market value at the time.
Additionally, corporate income tax will apply to any gain realised from the sale of cryptocurrency, with losses from the initial taxed value treated as deductible.
Earlier, the Russian Ministry of Finance announced that the government had approved proposed amendments to a bill regarding the taxation of income and expenses related to cryptocurrency transactions and mining.
