In Russia, a bill on the recognition of cryptocurrencies as property was adopted in the first reading

In Russia, a bill on the recognition of cryptocurrencies as property was adopted in the first reading


The State Duma adopted in the first reading the draft federal law “On Amendments to Parts One and Two of the Tax Code of the Russian Federation”: the document deals with cryptocurrencies.

It is noted that digital money is often used for tax evasion, money laundering and financing illegal activities.

And therefore, it is proposed to recognize cryptocurrencies as property and bring them under taxation. In particular, the tax authorities will need to report on the turnover of digital funds and the balance if the amount of receipts or write-offs of cryptocurrency for a calendar year exceeds the amount equivalent to 600 thousand rubles.

The draft federal law provides for the establishment of tax liability for unlawful failure to submit (untimely submission) or submission of a report on transactions (civil transactions) with digital currency and the balances of the specified digital currency containing inaccurate information“, – the document says.

It is emphasized that the draft law complies with the provisions of the Treaty on the Eurasian Economic Union, as well as with the provisions of other international treaties of the Russian Federation.

The full text of the document can be found here.

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