Lidings Creates Information Resource for Simplifying Cryptocurrency Accounting and Tax Reporting

Starting from 2025, the Russian Tax Code includes regulations on cryptocurrency (digital currency) taxation. The Code provides an answer to one of the key questions - how to convert cryptocurrency value into rubles for accounting and tax calculation purposes. For this purpose, a market quotation mechanism has been introduced, applicable to corporate income tax (new Article 282.3 of the Tax Code) and personal income tax (revised clause 1 of Article 211 of the Tax Code).

The tax base is determined using the digital currency's market quotation on the income recognition date. The market quotation is defined as the closing price calculated by a foreign trading organizer (including exchanges) based on transactions executed through it during the trading day.

For cryptocurrency exchange rates to be tax-eligible, the Tax Code mandates that foreign trading organizers must meet these criteria:

• Trading volume in digital currency exceeding 100 billion rubles on the relevant trading day, and
• Publicly available market quotations of digital currency on their official website for three years preceding the date of digital currency transactions.

We have collected and analyzed information about major cryptocurrency exchanges meeting these criteria and compiled the results into the database below. Our analysis relied on exchange rankings from leading cryptocurrency information resources CoinMarketCap and CoinGecko. The information provided below is unofficial and non-exhaustive, intended to simplify cryptocurrency handling for taxpayers.

The selection of trading organizers whose quotations will be used for tax purposes remains at the taxpayer's discretion. After determining the cryptocurrency value, it should be converted to rubles using the Central Bank of Russia exchange rate on the income recognition date (link).

For any questions regarding accounting and taxation of cryptoasset transactions, we would be happy to provide consultation.

Major Cryptocurrency Exchanges Compliant With the Requirements: