The Ministry of Finance plans to necessarily declare cryptocurrency
The Ministry of Finance has prepared a package of bills regulating the circulation of cryptocurrencies and the creation of wallets. The agency proposes to recognize digital currency as property that will be taxed, including amendments to the Criminal Code, the Criminal Procedure Code, the Administrative Code, the Tax Code and the law on combating the legalization (laundering) of income. According to them, a citizen or an organization that has received more than 100,000 rubles of digital currency in a calendar year is obliged to inform the tax authorities and submit an annual report on transactions with such assets and their balances. Violation of this clause may face a fine of 30% of cryptoassets, but not less than 50,000 rubles. "Cryptocurrency is often used for tax evasion purposes, for money laundering, and for financing illegal activities," the Ministry of Finance says .It is proposed to introduce an obligation for exchangers to inform the tax authorities about transfers of funds and cryptocurrencies on transactions with Russian users. Their identification will be carried out by the payment details of bank cards and by the Russian IP-address. Refusal to declare a crypto wallet if more than 1 million rubles have passed through it. per year, becomes a criminal offense up to three years in prison. Also, forced labor can be used as a punishment. In addition, the recognition of the use of cryptocurrency in the commission of crimes can be recognized as an aggravating circumstance. The Ministry of Finance noted that there are currently no final decisions on the regulation of digital currencies. World practice and the FATF recommendations offer two options - controlled turnover or a complete ban. Both are being discussed now.