Share this article
Russia's Lower House to Consider Bill on Crypto Taxation This Week
If passed the bill would amend tax laws to recognize digital currencies as a form of property.
Updated Sep 14, 2021, 12:11 p.m. Published Feb 16, 2021, 12:16 p.m.
Make us preferred on Google
The Russian State Duma, the country's lower house of government, will consider draft legislation on the taxation of cryptocurrency on Wednesday.
STORY CONTINUES BELOW
- The Federation's government announced in January that the proposed bill would amend parts of the tax code to take into account the use of cryptocurrency, classing digital assets as property.
- The draft bill introduces the requirement for citizens to declare receipts or write-offs of crypto assets should they exceed the equivalent of 600,000 rubles ($8,184) annually.
- The legislation is being proposed out of concern that cryptocurrency is being used for tax evasion, money laundering and other illegal activities, the government said.
- Further, Russia's tax authorities do not have information on citizens opening crypto wallets and what they are being used for, per the announcement.
- The plan to recognize digital assets as a kind of property in Russia, but to bar their use in payments, was first aired last summer.
See also: Russian Public Officials Banned From Holding Cryptocurrency
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
DeFi, ethics disputes remain in Senate crypto bill ahead of Jan. 15 vote
The Senate is approaching a potential markup that may advance crypto legislation to a vote, and industry insiders are amassing for a lobbying push this week.
What to know:
- The U.S. Senate is potentially as close as it's ever been to a crypto market structure law, as the Senate Banking Committee's chairman said the panel will be ready to mark up the latest draft next week.
- It's still unclear how much Democrats might push back against this timeline, considering most of the big-ticket disputes remain to be resolved between the parties.
- A negotiation document that emerged after a meeting among senators on Tuesday demonstrates that many of the Democrats' requests have potentially been satisfied, but key concerns over the ethics of senior government officials, the treatment of DeFi and the question of stablecoins offering yield still await answers.
- Crypto insiders will visit Senate offices this week to cheer on the negotiations.
Top Stories
