How to pay the right tax on mining income?

«The value of digital currency is determined based on its market quotation on the date of actual receipt — crediting cryptocurrency to the account of the miner, when the miner has the right to use the digital currency. For example, to sell and credit the digital currency to the account of another person," Maria Girich, a researcher at the International Best Practices Analysis Department at the Gaidar Institute, explained to the media outlet.

She also added that for organizations, income from mining will be considered non-operating income and will be taxed at a rate of 25%. As in the case of personal income tax, the tax base will be the market quotation of the mined cryptocurrency on the date of its origin.

New cryptocurrency taxation regulations

New taxation rules of digital currencies came into force in January 2025. The «Monitoring of Legal Regulation of the Digital Economy» highlights the following novations:
• For tax purposes, cryptocurrency is recognized as property within the meaning of civil law.
• Mining and transactions involving the sale of cryptocurrencies are not subject to VAT.
• Establishes special rules for the taxation of cryptocurrency mining.

«For individuals, income from mining in Russia is recognized as income from sources in Russia (not abroad), is included in the personal income tax base, and is taxed at a progressive rate of 13–22%. It is possible to receive a property deduction in the amount of actually incurred and documented expenses of a miner, i.e. deduct expenses, for example, for renting mining equipment, power consumption, etc.», explained Maria Girich. She noted that as a result of mining, it is not income from the sale of cryptocurrency that is taxable, but the receipt of cryptocurrency itself in kind (to the extent possible for a digital asset) — similar to income in the form of property rights or goods, etc.

It should also be noted that the receipt of cryptocurrency under a gift agreement from an interdependent person (for example, a family member) is not subject to personal income tax.