Cryptocurrency is not considered official currency in Russia, but is recognized as property under the 2021 Law on “Digital Financial Instruments.” Owning, buying, selling, and mining cryptocurrencies are legal activities in Russia. However, the taxation of income from these activities may change. Russia proposes a flat 15% tax on income from activities related to cryptocurrencies.
Miners must pay taxes on unsold but already mined assets, and the Federal Tax Service proposes a graduated tax system to make it difficult to continue mining activities in the country. Despite changes in the tax framework, Russia is trying to keep up with the development of digital currencies. Sberbank announced a pilot program for cryptocurrency-based settlements, and the country is experimenting with digital ruble and stablecoins.
The Russian banking giant’s efforts show that Russia is constantly striving to integrate digital currencies into the national financial infrastructure.