The personal income tax (PIT) declaration campaign for 2024 is over — but for crypto investors and miners, reporting doesn’t end there.
By June 2, 2025, all Russian tax residents must file a report on the movement of funds in foreign accounts and deposits for the year 2024.
This obligation applies to all Russian residents who have accounts in foreign banks or brokerage firms, including those who:
- trade cryptocurrency on foreign exchanges,
- receive income from mining and transfer it to foreign accounts,
- use foreign bank or brokerage accounts for operations involving digital assets.
What to pay attention to:
- All fund movements on foreign accounts must be reported — including both deposits and withdrawals.
- Closed accounts must be declared separately.
- Exchange accounts also fall under the reporting requirement if fiat money was deposited directly.
- Exemptions apply: if operations were only in countries with automatic information exchange and the total annual incoming funds were under 600,000 rubles, reporting is not required.
- Electronic wallets (e.g., PayPal, Revolut) must be reported only if incoming funds exceed 600,000 rubles.
What happens if you're late?
Fines — and attention from the tax authorities.
Don’t delay — closer to the deadline, the Federal Tax Service (FTS) online services may become overloaded.
Fines — and attention from the tax authorities.
Don’t delay — closer to the deadline, the Federal Tax Service (FTS) online services may become overloaded.
Legal nuance
If you received income in cryptocurrency (e.g., from mining) and converted it to fiat on foreign accounts, the FTS considers this a movement of funds on foreign accounts.
Therefore, even if you didn’t transfer money to Russian accounts, reporting may still be required.
If you received income in cryptocurrency (e.g., from mining) and converted it to fiat on foreign accounts, the FTS considers this a movement of funds on foreign accounts.
Therefore, even if you didn’t transfer money to Russian accounts, reporting may still be required.