1. General Principles
In Russia, cryptocurrency is officially referred to as "digital currency" (Clause 3, Article 1 of Federal Law No. 259-FZ).
It is important to understand that for tax purposes, it is treated as property, because:
In Russia, cryptocurrency is officially referred to as "digital currency" (Clause 3, Article 1 of Federal Law No. 259-FZ).
It is important to understand that for tax purposes, it is treated as property, because:
- It is not a legal means of payment and is considered an object of civil rights;
- It can be transferred, exchanged, sold, or inherited;
- It has market value and can be used as an investment.
2. What Taxes Does a Company Pay on Cryptocurrency Income from Mining?
A company can engage in mining only if it applies the general taxation regime (OSNO).
Simplified (USN) or agricultural (ESHN) taxation systems do not apply to mining activities, although such companies may still buy and sell cryptocurrency.
A company can engage in mining only if it applies the general taxation regime (OSNO).
Simplified (USN) or agricultural (ESHN) taxation systems do not apply to mining activities, although such companies may still buy and sell cryptocurrency.
- Corporate income tax: 25% (Clause 32, Article 250 of the Russian Tax Code).
- Mining income is considered non-operating income.
- Tax base: The market price of the cryptocurrency on the date it is credited to the wallet
- (Subclause 20, Clause 4, Article 271; Clause 2, Article 282.3 of the Tax Code).
- Expenses: These are considered indirect and must be properly accounted for in the company's tax policy to avoid loss-related risks.
3. How to Determine the Market Price of Cryptocurrency?
The market price of cryptocurrency is calculated in rubles, based on the closing price of deals on a foreign exchange platform through which cryptocurrency operations are conducted.
The platform must meet the requirements of Clause 2, Article 282.3 of the Tax Code:
✔️ Daily trading volume must exceed 100 billion rubles
✔️ Price data must be publicly available on the exchange’s official website for at least three years
In simple terms: use a large, public crypto exchange (e.g., Binance, OKX, Bybit, Kraken) that publishes official pricing data.
(Each exchange must be individually verified for compliance.)
Special rules for selecting price data:
Example:
A miner received 1 BTC in their wallet on January 10.
The BTC closing price on Binance on that day was $42,000.
The official Central Bank USD exchange rate was 90 rubles.
Tax base = 42,000 × 90 = 3,780,000 rubles
The market price of cryptocurrency is calculated in rubles, based on the closing price of deals on a foreign exchange platform through which cryptocurrency operations are conducted.
The platform must meet the requirements of Clause 2, Article 282.3 of the Tax Code:
✔️ Daily trading volume must exceed 100 billion rubles
✔️ Price data must be publicly available on the exchange’s official website for at least three years
In simple terms: use a large, public crypto exchange (e.g., Binance, OKX, Bybit, Kraken) that publishes official pricing data.
(Each exchange must be individually verified for compliance.)
Special rules for selecting price data:
- If trades were conducted on multiple compliant platforms, any of them can be used.
- If the cryptocurrency was traded in multiple pairs (e.g., BTC/USD, BTC/EUR), you can choose a convenient currency.
- For tax purposes, the closing price is converted into rubles at the official Bank of Russia exchange rate on the date the cryptocurrency was received.
Example:
A miner received 1 BTC in their wallet on January 10.
The BTC closing price on Binance on that day was $42,000.
The official Central Bank USD exchange rate was 90 rubles.
Tax base = 42,000 × 90 = 3,780,000 rubles
4. How Do Individuals Pay Taxes on Mining Income in Cryptocurrency?
Mining income is considered in-kind income. Its value is determined using the market price of the cryptocurrency (see Section 3).
The date of income is the day the individual gains the right to dispose of the cryptocurrency — i.e., the date it is credited to the wallet (Clause 1.3, Article 223 of the Tax Code).
Taxation of mining income:
Mining income is included in the individual's total taxable base, which is subject to progressive personal income tax (PIT) rates depending on total income: 13%, 15%, 18%, 20%, or 22%
(Clause 8.3, Subclause 2.1, Article 210; Clause 1, Articles 224 and 225 of the Tax Code).
This base includes all income, such as salary and other earnings.
Deductions and Tax Optimization:
Mining income is considered in-kind income. Its value is determined using the market price of the cryptocurrency (see Section 3).
The date of income is the day the individual gains the right to dispose of the cryptocurrency — i.e., the date it is credited to the wallet (Clause 1.3, Article 223 of the Tax Code).
Taxation of mining income:
Mining income is included in the individual's total taxable base, which is subject to progressive personal income tax (PIT) rates depending on total income: 13%, 15%, 18%, 20%, or 22%
(Clause 8.3, Subclause 2.1, Article 210; Clause 1, Articles 224 and 225 of the Tax Code).
This base includes all income, such as salary and other earnings.
Deductions and Tax Optimization:
- Property deduction: Income can be reduced by the amount of documented mining-related expenses
- (Clause 2.3, Article 210; Subclause 5, Clause 1 and Subclause 2, Clause 2 of Article 220 of the Tax Code), such as:
- Purchase of equipment (receipts, purchase agreements)
- Electricity costs (payment receipts)
- For individual entrepreneurs (IEs), a professional tax deduction is also available (Clause 2.3, Article 210 of the Tax Code).
What Should a Miner Do?
✔️ Choose an exchange for determining market prices
✔️ Keep documents proving income and expenses
✔️ Fill out and submit the 3-NDFL tax declaration (For 2024, the deadline is April 30, 2025)
✔️ Pay personal income tax at the applicable rate (13%–22%)
✔️ Choose an exchange for determining market prices
✔️ Keep documents proving income and expenses
✔️ Fill out and submit the 3-NDFL tax declaration (For 2024, the deadline is April 30, 2025)
✔️ Pay personal income tax at the applicable rate (13%–22%)