Russian lawmakers advance bill that recognizes cryptocurrencies as property for tax purposes

Russia's State Duma, the lower house of the country's legislature, has approved a new bill that will recognize digital currencies as property for tax purposes, according to a report by news outlet RIA Novosti.

According to the report, as Prime Minister Mikhail Mishutin explained, the proposal will afford crypto owners legal protections and rights in court. 

In addition to this aspect, under the new bill, crypto users will be required to declare transactions that exceed 600,000 rubles (worth about $8,118) per year. If holders fail to pay taxes in full or at all, they will be subject to a fine of 40 percent of the required amount of tax.  


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Lawmakers will evaluate the new crypto bill this week, according to official government records.

The state bill comes months after Russian President Vladimir Putin signed an order requiring Russian public officials to disclose their crypto holdings. 

About Author

Saniya More (pronounced: Saan-ya Mo-ray) is a quadrilingual journalist at The Block. She got her master’s degree from the Columbia University Graduate School of Journalism and did her undergraduate degree at the S.I. Newhouse School of Public Communications, Syracuse University. Her work has appeared in CBS News, Bangkok Post, Thai Enquirer, Globalists, Byline Times and other publications. When she’s not chasing a story, you will most likely find her biking, tweeting, taking photos or creating Spotify playlists for every occasion.