Russia Proposes New Rules and Penalties for Cryptocurrency Owners

Russia Proposes New Rules and Penalties for Cryptocurrency Owners

The Russian Ministry of Finance has developed new amendments to the country’s cryptocurrency regulation. The proposal outlines a new set of rules for crypto owners, exchanges, and miners, as well as penalties for undeclared crypto transactions.

Russia’s New Crypto Regulation

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Russia’s Ministry of Finance has proposed new amendments to the country’s law on digital financial assets that will go into effect in January, Russian business newspaper RBC reported Thursday.

Cryptocurrency owners, both individuals and organizations, will be required to report their crypto transactions and wallet balances to the tax authority if the total transaction amount exceeds 600,000 rubles ($7,757) in a calendar year, the proposal details. This is a significant increase from the ministry’s proposal in September that required taxpayers with a total transaction of 100,000 rubles to report their transactions and holdings to the tax authority. The first reporting deadline will be April 30, 2022.

The new proposal also requires cryptocurrency

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