The Russian Federal Tax Service (FTS) has started publishing official cryptocurrency exchange rates for calculating mining taxes.
This marks an important step toward regulating the crypto market. The FTS website now features a dedicated page displaying cryptocurrency rates and trading volumes from major global exchanges.
What does this mean for miners?
If you’re involved in mining or run a mining pool, you can now use FTS data to calculate taxes on income from cryptocurrency mining. The agency reminds users that everything mined is considered income and is therefore taxable.
The tax is calculated based on the market value at the time the coins are received — specifically, when the user gains access to the assets and can use them.
Where to find the rates and how to use them?
The FTS page displays cryptocurrency rates in rubles, along with trading volumes from the following exchanges:
– Binance
– Bybit
– OKX
– KuCoin
– MEXC
– HTX
– Gate
Each exchange has its own calculation methodology, and the data can be used to determine the market value of a coin or to calculate the cost basis when selling it.
If a cryptocurrency is traded on multiple exchanges and in different trading pairs, users can choose which rate to use as the basis.
Are these rates reliable?
The FTS emphasizes that the information is provided for reference only. The agency does not guarantee the accuracy or timeliness of the rates. However, the service can greatly simplify the process for miners and tax consultants.
