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.