Russian Ministry of Finance Proposes to Jail Crypto Holders Failing to Declare Cryptos
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Nov. 12, 2020
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The Ministry of Finance of Russia has just proposed a prison sentence for crypto holders who do not declare their taxes.

Local news outlet RBC has reported the ministry plans to punish the failure to declare profits from cryptos with prison sentences. In particular, it is considering the possibility that users violating the law will face prison sentences of up to 3 years in cases where they fail to report transactions of up to $586,000 or more to the tax authorities at least twice every three years.

Violations related to low amounts will be punished with fines.

The news that the Russian Ministry of Finance was developing a series of amendments on the criminal liability associated with undeclared cryptos were first known in September.

According to the amendments, crypto exchanges and miners will be required to report to the authorities any transactions involving cryptocurrencies.

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