December 3, 2021

The Ministry of Finance offered to imprison for three years for an undeclared crypto wallet …

The Ministry of Finance offered to imprison for three years for an undeclared crypto wallet

The Ministry of Finance of the Russian Federation has presented a new version of the draft laws on the regulation of cryptocurrencies, writes Kommersant. They provide for amendments to the Criminal Code, Criminal Procedure Code, Administrative Code, Tax Code and the law on combating money laundering..

The Ministry of Finance proposed to imprison for three years for an undeclared crypto wallet The Ministry of Finance of the Russian Federation presented ...

In early September, there was already information that the Ministry of Finance was proposing to establish administrative and criminal liability for transactions with cryptocurrencies. Recent proposals turned out to be more severe.

So, any individual or legal entity in case of receiving more than 100,000 rubles in cryptocurrency per year will be obliged to notify the tax authorities and submit a corresponding report. According to lawyers, if the amendments are adopted, they will have to report for 2020. For failure to report, a fine of 30% of the amount received is provided, but not less than 50,000 rubles.

The Ministry of Finance offered to imprison for three years for an undeclared crypto wallet The Ministry of Finance of the Russian Federation presented ...

An undeclared crypto wallet, if more than 1 million rubles have passed through it in a year, can bring its owner up to three years in prison. As noted by Kommersant, the criminal part is quite extensive. The use of cryptocurrencies in the commission of a crime, for example, is proposed to be recognized as an aggravating circumstance.

It is assumed that a wide range of foreign organizations, including exchanges, will quarterly transfer information to tax authorities about the operations of Russians with cryptocurrency. Lawyers, however, doubt they will do this..

The Ministry of Finance offered to imprison for three years for an undeclared crypto wallet The Ministry of Finance of the Russian Federation presented ...

The Ministry of Economy, the Ministry of Justice and the Ministry of Finance may advocate for the easing of regulation. This is evidenced by their previous statements and reports from sources. The Ministry of Finance itself reported that there are still no final decisions on the regulation of digital currencies in principle. Both the possibility of a total ban and a controlled turnover are discussed in accordance with global practices and recommendations of the Financial Action Task Force on Money Laundering (FATF).

The Ministry of Finance proposed to imprison for three years for an undeclared crypto wallet The Ministry of Finance of the Russian Federation presented ...

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