The Federal Tax Service (FTS) of Russia has launched a new page on its website that publishes cryptocurrency exchange rates
Starting from November 1, 2024, legal entities and individual entrepreneurs engaged in cryptocurrency mining in Russia must register in the FTS registry. Individuals are exempt from registration if their electricity consumption does not exceed 6,000 kWh per month. All miners are required to report on their mined cryptocurrency monthly.
Cryptocurrency rates on the FTS website are presented in rubles. The tax service clarifies that cryptocurrency obtained through mining is considered income. The tax is calculated based on the market value on the day the user received the coins and could start using them. This service allows users to determine both the value of the cryptocurrency received and its cost price when sold.
Additionally, in February, FTS launched an online reporting feature for received cryptocurrency in the taxpayer’s personal account.
