The Finance Ministry has updated the bill on the regulation of digital financial instruments together with market participants and relevant agencies: the document is being prepared for the second reading in the State Duma, and if adopted, the new rules should come into effect on September 1, 2026. From this date, the updated regulatory framework is planned to be launched: miners will be able to reduce currency risks through hedging, settlements in digital currency for mining infrastructure operations will be eased, and information about transactions through foreign crypto wallets will be transmitted to tax authorities.
What Changes for Miners and the Digital Currency Market
Deputy Head of the Financial Policy Department of the Ministry of Finance of the Russian Federation Dmitry Frolov said that important amendments for crypto market participants have been introduced into the bill. Miners are to be given the opportunity to reduce currency risks through hedging and to purchase derivative financial instruments related to digital currencies.
Separately, requirements for the use of digital currency as a means of settlement are being relaxed. This includes miners paying commissions that arise during the operation of mining infrastructure. For the industry, this is an important adjustment of the rules: cryptocurrency, digital financial assets, and related transactions are gradually receiving a clearer legal framework in Russia.
In essence, the state is trying to separate different types of transactions: where a digital asset is used as a settlement instrument, where it acts as a financial asset, and where it may resemble a derivative instrument or even a security in economic terms. This approach is important for the digital economy, where money, currency, and new forms of asset accounting increasingly intersect.
DFA and Digital Currency: What Is the Difference
In this logic, digital financial assets and digital currency are not the same thing. DFAs are usually associated with digital rights and their accounting in an information system. Digital currency is closer to a digital code or record used to transfer value and settlements, but it does not become the ruble or a foreign currency. Therefore, for DFAs, the rules for issuance and accounting of rights are important, while for digital currency — the procedure for circulation, settlements, and tax treatment of transactions.
Foreign Crypto Wallets: Declaration May Become Voluntary
Another change concerns foreign crypto wallets. Their declaration is planned to be made voluntary. At the same time, information about transactions conducted through such wallets will need to be transmitted to tax authorities.
This part of the regulation affects both private holders of digital currencies and market participants who operate through exchanges and services. An online digital currency exchange service, crypto exchanger, or digital broker in such a system is not just a technical intermediary, but part of the financial infrastructure. Their work will be linked to tax reporting, transaction control, and licensing requirements.
For users, this means clearer rules for accounting transactions. For example, if a person buys Bitcoin or another digital asset, the tax consequences of such transactions should be determined by a separate logic, not mixed with other types of income.
Tax Amendments Will Be Prepared After the Basic Law
Dmitry Frolov reminded that together with the main document, three related bills are also being considered. One of them amends the Tax Code.
The key tax changes are distributed as follows:
- Digital brokers, depositories, and crypto exchangers: exemption from VAT; launch will be tied to tax amendments after the basic law.
- Foreign digital rights: extension of the tax regime; final rules will be prepared after the adoption of the basic law.
- Transactions with digital currencies: a separate tax base for profits and losses; from January 1, 2028, for tax purposes, the results of Russian trading platforms are planned to be considered the priority source for cryptocurrency rates.
This mechanism should make taxation more transparent for transactions with digital assets.
The final revision of the tax block is intended to be carried out after the adoption of the basic law. This is necessary so that regulation and taxation rules do not diverge. In the discussion of such norms, the positions of financial authorities and government agencies are inevitably taken into account:
- Bank of Russia.
- Central Bank.
- Government of the Russian Federation.
Liability for Illegal Circulation Will Be Addressed Separately
The other two bills are devoted to liability. They are planned to be considered in the autumn session of the State Duma.
The breakdown by violations is as follows:
- Illegal circulation of digital currencies: administrative measures.
- Operating without a license: criminal liability.
This package approach shows that the regulation of digital instruments is built not only around taxes. For professional market participants, the following are also important:
- Licensing.
- Control over circulation.
- Procedures for accounting transactions.
- Clear rules for professional market participants.
In practice, digital assets already require the same attention to accounting as any asset in bookkeeping: it is important to understand the source of receipt, value, transaction result, and tax base. Even in areas far from finance, whether it is a catalog of USSR postage stamps or another collectibles market, the value of an object depends on the rules of accounting and proof of origin. For digital currencies, this logic becomes even stricter because transactions occur quickly and often through cross-border infrastructure.
