Russia: BTC Will Lead To Prison

In Russia, they propose to prosecute for hiding cryptocurrency and transactions on their accounts.

The Russian Ministry of Finance has taken an overly tough stance on the policy of regulating cryptocurrency assets and operations with it. Cryptocurrency owners for hiding information (it is required to provide information 2 times within 3 years) about transactions of digital assets worth more than 45 million rubles will face criminal liability and a term of imprisonment up to 3 years. As we can see, the Ministry of Finance of Russia wants to strengthen control over the crypto assets of the population and operations with them. Violation of regulatory requirements provides for criminal liability, up to and including imprisonment.

Earlier, the Ministry of Finance of the Russian Federation in the proposed law on the regulation of digital assets provided for an amount of 5 million rubles that did not require declaration. And a mandatory prison term of up to 6 months for hiding information on transactions worth 15 million rubles during the year. The Ministry of Finance claims that all decisions are made in accordance with the requirements of the FATF. Compliance with the proposed requirements will significantly reduce the volume of transactions related to tax evasion and money laundering.

This year, the Russian government has developed a law on the regulation of digital assets and made cryptocurrency means of payment illegal. This bill will enter into force in 2021. Holders of digital currency are required to provide information about their assets by April 30, 2022, users must declare the amount of digital currency in their wallets from the estimated value at the time of the transaction.

The RF Tax Service will develop a method for calculating the market price of digital assets. Cryptocurrency exchanges and miners will be required to provide supervisory authorities with detailed information about cryptocurrency and transactions. If the requirements are not met, a fine of 50,000 rubles is imposed. Tax evasion, provides for a fine of 40% of the total taxation on cryptocurrency transactions.

To the above, we recall that the Ministry of Finance of the Russian Federation in the new bill provides for criminal liability and a term of imprisonment of up to 6 months for hiding information about cryptocurrency worth more than 5 million rubles and operations with cryptocurrency worth 15 million rubles within a year. Or a fine from 100 to 300 thousand rubles and community service up to 2 years and deprivation of certain civil rights for up to 3 years. For concealment of data on transactions for 45 million rubles or more, imprisonment up to 3 years is provided. Or a fine and community service for up to 5 years, as well as deprivation of certain civil rights, for up to 3 years.

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CoinShark

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Bitcoin Info, Fintech News, Blockchain Technology and much more About Crypto World — CoinShark.

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