According to reports, the Russian Ministry of Finance has released a draft bill to some government departments that address the flow of crypto in the country. The bill addresses several issues, including the regulation on combating money laundering.
The main adjustments from the previous bill involve the declaration of crypto activities, operation and also crypto wallet holdings by citizens. The ministry also demanded in the bill that crypto exchanges and users inform the appropriate authority about their crypto dealings.
Stating that the cryptocurrency market sees the previous draft regulation as a barrier to the circulation of crypto in the country, the report explains that the new law is more strict. Specifically, any individual that has received a digital asset worth $1,280 in a year is required to inform the tax authority and also submit a yearly report on the deals made and the balances.
Dmitry Kirillov, a senior tax lawyer, in a statement, explained that once the amendment is adopted, the first report must be submitted before the 30th of April 2021 for the tax filling of this year. He furthered that failure to adhere to this regulation can land defaulters a fine of 30% of their digital assets but not less than 50,000 rubles.
A senior member of the Russian Lawyer Association also elaborated that the sanction is not only limited to fines. He explained that non-declaration of a digital wallet that has over a million rubles pass through it in the space of a year could lead to three years in prison and also, hard labour can be used as a punishment.
Source: Bicoin.com
