According to a local news outlet Izvestia report, Russian cryptocurrency investors have started complying with authorities. As a result, this will provide information about their crypto dealings and pay the stipulated taxes.
In addition, several legal and accounting firms, including FTL and PwC, noted that they had recorded a surge in compliance with the tax legislation.
Also, the development comes from Russia’s State Duma after approving a bill to recognize cryptocurrencies as properties legally.
Maria Kukla, a partner of FTL Advisers, commented on the development:
Not only will the initiative grant Russian crypto owners the right to legal protection, but it will also enable regulators to impose a 13% tax on gains made from cryptocurrency investments.
As part of the legislation, Russian crypto owners will mandatorily declare transactions that exceed 600,000 rubles ($8,184) per year. In line with this, investors who failed to disclose their crypto investments will be slammed with a 10% fine of the undeclared amount.
Moreover, for those investors who fail to pay the stipulated tax, the bill emphasized that a 40% penalty will be issued. At the same time, the strict conditions have sent chills down to several Russian investors.
This article was first published on coinquora.com
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