Russia Proposes Up to 3 Years in Prison for Undeclared Crypto
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Sept. 24, 2020
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Ministry of Finance of the Russian Federation (Minfin) is discussing new regulation of the crypto turnover in the country, including criminal liability, iHodl Russia has learned.

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According to newly proposed package of documents, the Minfin proposes to oblige individuals and legal entities to report to the tax office if they received cryptocurrency in the amount of more than 100,000 Russian rubles ($1295 as of press of time).

Failing to file a crypto-related tax return can be classified as a federal crime punishable with a fine of 30% of the crypto assets or not less than 50,000 Russian rubles ($640). Failure to declare an amount of more than 1 million RUB ($12930) a year entails criminal liability up to three years in prison or forced labor.

"It is very likely that lawmakers still cannot decide where to put a comma in the phrase 'eats shoots and leaves'," said Anatoliy Knyazev, Exante Co-founder.

The Ministry of Finance also wants to oblige foreign cryptocurrency exchanges, custodians and other organizations to report to the tax authorities on the transactions of Russian citizens with cryptocurrency on a quarterly basis.

iHodl earlier reported that Russia had officially entered into the blockchain race as Russia's First Deputy Prime Minister Andrei Belousov included the blockchain technology into the list of the State's top policy priorities.

Russian Central Bank Rejects Cryptocurrency Mining on Regulatory Sandbox

According to the TASS news agency, Belousov calls on the development of promising technological groundwork for end-to-end technologies.

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