More Russians are disclosing their cryptocurrency incomes: report

More Russians are disclosing their cryptocurrency incomes: report

The number of cryptocurrency holding disclosures in Russia has been on the rise over the past several months, according to a new report.

Russian news agency Izvestia reports Thursday that Russians have been increasingly disclosing their income from crypto trading for tax purposes. The report cites data from consulting and law firms like KPMG, PwC, FTL Advisers, as well as Moscow-based public policy think tank, the Center for Strategic Research.

“We’ve observed that Russian residents have started voluntarily disclosing income from operations with digital assets, mainly with cryptocurrency, in tax declarations,” FTL Advisers’ partner Maria Kukla said. 

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She noted that it’s still early to determine whether the tendency will become widespread. The currency tax reporting period ends on May 1 and, per Kukla, much could change before then. 

Evgeny Sivoushkov, director of PwC Russia’s division of individual taxation, said that interest in disclosing crypto holdings has increased during the ongoing tax declaration period. According to Sivoushkov, the new trend was fueled by the

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