Russia will consider a new bill on cryptocurrency taxation on Feb. 17

The Committee on State Building and Legislation of Russian State Duma has approved a bill on cryptocurrency taxation on Feb. 17. The new bill represents a set of amendments to the Russian federal tax code, according to the announcement on Feb.15.

The authors of the bill point out that cryptocurrency is often used for tax evasion, money laundering and financing illegal activities. And now the tax authorities do not have information about cryptocurrency wallets opened by Russian legal entities and citizens of the Russian Federation and the operations carried out on them.

“For the purposes of the Tax Code of the Russian Federation, it is proposed to recognize digital currency as property,” the bill explained.

“The listed entities will have to report their crypto transactions if a total amount of incoming or outgoing transactions exceeds 600,000 rubles ($8,100) on an annual basis,” the bill added.

Russia officially enforced its first crypto law “On Digital Financial Assets” in January 2021, prohibiting local residents from making payments in cryptocurrencies.

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