According to Bits.media, the Russian State Duma (the lower house of parliament) on June 10 passed, on first reading, a crypto-currency tax reform bill submitted by the Russian government. The version approved on first reading stipulates that the tax base is the net positive difference between income and expenses from cryptocurrency transactions. The State Duma’s Budget and Tax Committee has proposed, at the second reading, amending the bill to require licensed cryptocurrency exchanges to withhold and pay personal income tax on behalf of individuals. Russia’s federal legislative process requires three readings; the timing for the second reading has not yet been announced.
Confirmed Tax Clauses in First Reading
Based on the text passed on first reading, the following clauses have been confirmed:
Tax Base and Loss Offsets: The tax base is the net positive difference between income and expenses from cryptocurrency transactions. Investors may offset gains within the same tax period using losses from transactions involving digital currencies and foreign digital copyrights.
Tax Agent Obligations: Brokers and trustees, when handling cryptocurrency and foreign digital copyright transactions, must act as personal income tax tax agents; agents only report expenses supported by documentary evidence, and retain certified copies for five years.
Foreign-Currency Digital Asset Classification: Foreign-issued digital financial assets are treated as cryptocurrencies and are subject to the same tax framework.
Moscow Exchange Rouble-Denominated Digital Debt Instruments: Coupon payments on digital financial debt assets denominated in roubles and traded on the Moscow Exchange are taxed at a preferential rate, with the standard being similar to interest on Russian corporate bonds.
VAT Exemptions: Sales of foreign digital copyrights with no physical delivery are exempt from VAT (limited to cases involving currency claims only); digital storage and conversion services are also exempt from VAT.
Second Reading Pending Review: Formal Amendment Proposals by the Committee
The State Duma’s Budget and Tax Committee has submitted formal amendment proposals for the second reading: requiring licensed cryptocurrency exchanges to serve as tax agents and withhold and pay personal income tax on purchases and sales of cryptocurrencies. As of the date of the Bits.media report, the specific date and timing for the second reading have not been published.
Conditionally Effective Clauses: Carryforward of Losses on Digital Debt Assets
The first-reading version of the bill includes a conditional clause that allows losses on digital debt assets traded on exchanges to be carried forward to future tax periods and used to offset the financial performance of securities and derivatives. The bill stipulates that this clause can only be implemented after digital debt asset trading is “stabilized.” The bill currently does not define the specific criteria for what “stabilized” means, nor does it set a timeline for meeting this condition.
FAQ
At what legislative stage is Russia’s crypto-currency tax reform bill currently?
As of June 10, 2026, the bill has passed the State Duma’s first reading. Russia’s federal legislative procedure requires passage through three readings for it to finally take effect. The Budget and Tax Committee has submitted amendment proposals for the second reading; the timing for the second reading has not been announced.
How does the bill specify loss offsets for cryptocurrency traders?
According to the text passed on first reading, investors may offset gains within the same tax period using losses from digital-currency and foreign digital-copyright transactions, with the tax base being only the net positive difference. The bill includes a “trading stabilization” prerequisite for the carryforward of cross-period losses on digital debt assets; the bill has not yet published the specific criteria or timetable for meeting this condition.
How are foreign digital financial assets classified under this bill?
According to the text passed on first reading, foreign-issued digital financial assets will be treated as cryptocurrencies and will be subject to the tax framework established for cryptocurrencies. The bill does not set up a separate independent classification.
