The Federal Tax Service (FTS) of Russia announced the launch of a new service on its official website, which provides current cryptocurrency exchange rates and trading volume data on the largest international exchanges. This step is aimed at supporting miners and simplifying the process of tax calculation on income received from mining digital assets. The information is available from April 8, 2025, and has already received a wide response in the crypto community.
Source: FTS Russia website
On a special page of the FTS portal, market quotes of cryptocurrencies collected from platforms with a daily trading volume exceeding 100 billion rubles are presented. Among them are well-known exchanges like Binance, Bybit, OKX, KuCoin, MEXC, HTX, and Gate. The data is converted into rubles at the official exchange rate of the Central Bank of Russia on the date of income receipt. The FTS emphasizes that the information is for reference purposes but may be used to determine the tax base. This is especially relevant for miners, whose income from cryptocurrency mining is now officially recognized as income in kind.
Source: FTS Russia website
The service was developed as part of the implementation of the mining legalization law, which entered into force on November 1, 2024. According to the legislation, legal entities and individual entrepreneurs engaged in cryptocurrency mining must be registered in the FTS registry, while individuals can operate without registration if they comply with energy consumption limits.
The launch of the service is an important step in integrating the cryptocurrency industry into the legal framework of Russia. Until now, miners faced uncertainty regarding taxation due to the lack of official exchange rate data. Now, with access to reference information from the FTS, they will be able to more accurately calculate their obligations, reducing the risk of errors and fines. Experts note that this will also increase industry transparency, which could attract new participants.
However, there are nuances. For example, the absence of ruble pairs on international exchanges complicates the accurate assessment of asset value for the Russian market. Some analysts believe that the FTS could consider data from local licensed brokers to improve the accuracy of quotations.
According to analysts, the FTS initiative reflects the state's desire not only to control but also to support the development of the crypto industry. Russia already ranks second in the world in terms of mining capacity, and simplifying tax procedures could strengthen its positions. On the other hand, increased control by tax authorities may alarm some miners, especially those accustomed to operating in the "gray zone."
Amid the volatility of the cryptocurrency market, where Bitcoin recently fell by 11% in a week, and overall trader losses exceeded $1 billion, such measures may become a stabilizing factor. In the future, if the FTS expands the functionality of the service by adding, for example, automatic tax calculation tools, it could make Russia even more attractive for the mining business.
The launch of the FTS service for publishing cryptocurrency exchange rates is not only a technical innovation but also a signal of the state's readiness to adapt to the realities of the digital economy. For miners, it simplifies interaction with tax authorities but requires a careful approach to reporting. Time will tell how the innovation will affect the market, but it is already setting the tone for further regulation of the crypto industry in Russia.