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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.