Russia's State Duma to Receive Crypto and Digital Asset Tax Bill in Early May

Finance Ministry Prepares Tax Bill for Parliament

A bill introducing tax rules for cryptocurrencies and digital financial assets (DFAs) will be submitted to Russia's State Duma in early May. Alexey Yakovlev, director of the Ministry of Finance's financial policy department, made the announcement at the Alfa Summit, as reported by RBC.

The document proposes amendments to Russia's Tax Code. On April 27, the government's legislative commission approved the draft. The tax amendments accompany a broader legislative framework — the bill "On Digital Currency and Digital Rights."

Why This Matters

Russia is building a comprehensive legal framework for its crypto industry. Tax rules represent a critical component, since the lack of clear fiscal guidelines has kept legitimate digital asset operations in a regulatory gray zone. Adoption of these amendments would establish tax obligations for millions of crypto holders and businesses operating with digital assets in the country.

The bill arrives alongside tightening enforcement measures. In early April, Russia's Central Bank signaled openness to criminal liability for operating crypto exchange services without a license.

Four Key Tax Areas Covered

The proposed amendments address four distinct areas of taxation:

• Personal income tax (PIT) for individuals
• Value-added tax (VAT)
• A special tax regime for exchange-traded DFAs
• Corporate profit tax

Rules for Individuals

Income from cryptocurrency transactions would be subject to personal income tax, following a framework modeled on securities taxation. Taxpayers would be allowed to offset gains and losses from digital currency and digital rights transactions within a single tax period. Brokers and trust managers processing payouts from these transactions would serve as tax agents.

Corporate Taxation

For companies, income and expenses from crypto operations — excluding mining — would be incorporated into the general corporate profit tax base. Periodic payments on debt-based DFAs would be treated as interest income on loans, effectively aligning them with traditional debt instruments.

VAT Exemptions and Exchange-Traded DFA Regime

VAT exemptions would apply to services provided by digital depositories and exchange operators. The sale of paperless foreign virtual rights certifying exclusively monetary claims would also be exempt from VAT.

Ruble-denominated debt DFAs issued by Russian entities would receive a separate tax base with a preferential rate. For exchange-traded debt DFAs, companies would be permitted to carry forward losses to future periods. In cases of over-the-counter buybacks, firms could account for income and expenses provided the transaction price is close to the exchange rate.

Broader Regulatory Context

The tax amendments form part of a sweeping overhaul of crypto regulation in Russia. They are designed to complement the primary bill "On Digital Currency and Digital Rights," which establishes the general framework for digital asset circulation. Enforcement is tightening in parallel — the Bank of Russia indicated in early April that criminal prosecution for unlicensed crypto exchange operations could be on the table.

If the State Duma passes the amendments, Russia's cryptocurrency market would gain a detailed tax infrastructure closely aligned with the rules governing traditional financial instruments.