Russia’s Lower House to Consider Bill on Crypto Taxation This Week
The Russian State Duma, the country’s lower house of government, will consider draft legislation on the taxation of cryptocurrency on Wednesday.
The Federation’s government announced in January that the proposed bill would amend parts of the tax code to take into account the use of cryptocurrency, classing digital assets as property.
The draft bill introduces the requirement for citizens to declare receipts or write-offs of crypto assets should they exceed the equivalent of 600,000 rubles ($8,184) annually.
The legislation is being proposed out of concern that cryptocurrency is being used for tax evasion, money laundering and other illegal activities, the government said.
Further, Russia’s tax authorities do not have information on citizens opening crypto wallets and what they are being used for, per the announcement.
The plan to recognize digital assets as a kind of property in Russia, but to bar their use in payments, was first aired last summer.
See also: Russian Public Officials Banned From Holding Cryptocurrency
