The Russian government has approved a bill regulating the taxation of cryptocurrencies. This is mentioned in a message of the press service of the office of ministers. The decision itself was adopted following a meeting on 26 November.
During the last meeting hosted by Prime Minister Mikhail Mishustin, he stated that digital financial assets will be treated like property, and their holders will be able to seek legal protection in the event of wrongful action.
Mishustin noted that cryptocurrencies are a relatively new tool, the interest to which is perpetually growing. The Russian government plans to guide the development of this market in a civilized manner so that the owners of such assets could guarantee their rights and interests, and the establishment of pyramid and other fraudulent schemes was more difficult. One point of this regulation is their obligatory declaration for operations over 600 thousand rubles per year.
Submitting the data to the tax authorities need should be done no later than 30 April of every year moving forward. For failure to provide exact information, a fine will be imposed. The systematic non-reporting of information about operations for an amount of 45 million rubles or more can result in deprivation of freedom for a period of up to three years.
