- Russian cryptocurrency investors have started complying with authorities.
- Several accounting firms had recorded a surge in compliance with the tax legislation.
- The development comes from Russia’s State Duma after approving a bill to recognize cryptocurrencies as properties legally.
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:
We observe that Russian residents have begun to voluntarily reflect income from operations with cryptocurrency in tax returns.
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.
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