| According to an official announcement by the Russian State Duma, the Duma’s Committee on State Building and Legislation has approved a bill on cryptocurrency taxation on Feb. 15. The new bill represents a set of amendments to the Russian federal tax code. |
As reported by Cointelegraph, as part of the draft bill, the Russian government officially recognizes cryptocurrencies such as Bitcoin as property, aiming to tax profits from crypto trading by Russian residents. The bill targets all domestic residents including citizens and foreigners, as well as Russian and international organizations established in the country.
The listed entities will have to report their crypto transactions if a total amount of incoming or outgoing transactions exceeds 600,000 rubles ($8,100) on an annual basis, according to the bill.
The bill establishes penalties for violations like late reporting as well as providing inaccurate information, suggesting fines of up to 10% from incoming or outgoing transactions. The suggested fine for non-payment or incomplete tax payment is 40% of the unpaid taxes, the draft bill reads.
According to official state records, following the committee’s approval, the Russian Duma is expected to consider the new crypto legislation on Feb. 17.