The Ministry of Finance of the Russian Federation introduced into the bill regulating the mining of cryptocurrencies a provision on criminal liability for refusal to declare digital assets. This is reported Base with reference to a package of documents prepared by the head of the department Alexei Moiseev in February.
The new edition obliges miners to “provide information about the receipt of digital currency” to the tax office. It should include the details of his cryptocurrency wallet. The procedure and terms for declaring this information have not yet been determined.
Amendments to the Criminal Code from the ministry suggest that if, within three years, a miner at least twice evades declaring income in excess of 15 million rubles, he faces up to two years in prison, as well as a fine of up to 300,000 rubles and forced labor for up to two years. years.
If the amount of hidden income exceeds 45 million rubles, this is fraught with up to four years in prison, a fine of up to 2 million rubles and forced labor for up to four years.
The mining bill provides for two ways to sell cryptocurrencies: on foreign crypto exchanges or on a Russian platform under an experimental legal regime. The punishment for “illegal organization of the circulation of digital currencies” provides for up to seven years in prison, a fine of up to 1 million rubles and forced labor for up to five years.
The new version of the document includes an amendment to the law on combating money laundering. The owners of crypto-currencies are “obliged to provide the authorized body, at its request, with information about the operations they perform.”
It is also stated that “transactions with digital currency <…> are made by the person who has carried out its mining <…> on his own behalf, at his own expense and in his own interests.”
Since February, the described package of bills has been under consideration by the Ministry of Economic Development, the Ministry of Justice, the Federal Tax Service, the Central Bank and other departments.
The bill regulating mining has been registered in the State Duma of the Russian Federation since mid-November 2022. It obliges individuals and legal entities to report to the tax authorities about the mined cryptocurrencies, indicating the address of enrollment.
At the same time, the document introduces a ban on advertising digital currencies or their offer in a different form to an unlimited number of people.
Due to the need for additional approvals, consideration of the bill was postponed to 2023.
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