As we mentioned in previous notes, in Russia a law was passed that regulates digital financial assets, in which it was noted that cryptocurrencies would not be recognized as monetary units, so they could not be used to pay for goods and services. Likewise, we point out that they launched the proposal of a set of amendments to the aforementioned law, in order to legalize bitcoin mining, but it would prohibit receiving the rewards in cryptocurrencies for the mined.
In a new proposal from the Russian Ministry of Finance, it has been proposed to introduce criminal liability for not declaring taxes that are related to operations with cryptocurrencies. The sanctions would include prison terms of up to three years, forced labor or even the imposition of fines.
According to what the portal mentions Cointelegraph, the proposal includes that:
- People who do not report an amount of more than one million Russian rubles (equivalent to US $ 13,000) in annual cryptocurrency operations will be punished with imprisonment of up to three years or forced labor.
- Anyone must report their income derived from cryptocurrencies if the amount exceeds 100,000 Russian rubles (that is, US $ 1,300), under penalty of a fine of 30% of the total amount of crypto assets in possession, but not less than 50,000 rubles Russians (US $ 650).
- The authority may require that exchange of cryptocurrencies that operate in the referred country, report the tax transactions on a quarterly basis.
Another important point that the aforementioned portal points out is that these proposals would be aimed not only at modifying the law that regulates digital financial assets, but also the next bill on digital currency in said country.