Russian government’s Legislative Committee approves Ministry of Finance’s proposal to regulate cryptocurrency taxation and tax exemption scope

According to ChainCatcher, market sources report that the Russian government legislative committee has approved a Ministry of Finance proposal to include digital currency-related operations within the scope of personal income tax collection, including cryptocurrency exchanges.

The bill proposes that transaction costs be calculated using the FIFO (First In, First Out) method and prohibits carrying forward losses from digital currency transactions to future tax periods. Meanwhile, certain services and transactions will be exempt from value-added tax, including digital custody institutions, cryptocurrency exchange services, and some foreign digital rights transactions without physical settlement. For debt-type digital financial assets (such as tokenized bonds), the bill sets separate rules for profit tax calculation and allows the carry-forward of losses. Previously, the State Duma of Russia passed the "Digital Currency and Digital Rights" bill in its first reading.