Bitcoin & Crypto In Russia – the Latest
Here we go again, Russia is not a fan of crypto, we get it. Oh well, let us know how it is living in the 20th century
Bitcoin Community Reacts to Russia’s Criminalization of Undeclared Crypto Activity
“If the legislative amendments go through, the inclusion period will be for 2020 going forward. Therefore, individuals should declare their crypto activity by the end of the Russian tax year on April 30, 2021.
‘For failure to report to the tax authority, you can receive a fine of 30% of crypto assets, but not less than 50 thousand rubles.’
But non-declaration of a crypto wallet, which has turned over more than 1 million roubles ($13k) in a year, will be classed as a criminal offense punishable by up to three years in prison.
Anatoly Knyazev, the Co-founder of investment firm Exante, opposes the penalities. He believes they are wholly disproportionate to the offense.
The proposals also seek to govern crypto companies, such as exchanges. The Kommersant reports that they must submit quarterly reports to the tax authorities.”