Cryptocurrency initiative of the Ministry of Finance on criminal liability for evasion of declaring digitalassets received the approval of the Russian government.
The draft law on the procedure for providing tax reporting on cryptocurrency transactions was approved at a government meeting and submitted for consideration to the State Duma of Russia.
Under the new provisions, for repeated violation of the law, the owners of cryptocurrency are threatenedimprisonment for up to three years.
If for a calendar year the amount of transactionsexceeded 600 thousand rubles, crypto transactions must be declared without fail. All information about digital currencies on the balance of crypto wallets must be transferred to the Federal Tax Service. All cryptocurrency operators (exchangers and exchanges) are required to submit reports to Rosfinmonitoring.
Experts and representatives of the crypto industry have already expressed their opinion "about unnecessarily tough measures" and predicted massive problems for most Russian traders.
In support of the adopted amendments, Mikhail Mishustin said that the state should not let the cryptocurrency market run its course and plans toprotect digital coin holders.
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