Russian Ministry of Finance Introduces Criminal Penalties for Failure to Declare Crypto Assets

03/09/2023 11:29 • Crypto & Markets • 57 views

It is reported that the Russian Ministry of Finance has introduced a clause in the bill regulating the exploitation of cryptocurrency, which criminalizes the refusal to declare digital assets. The Ministry’s revision of the Criminal Law shows that if a miner evades declaration of income exceeding 15 million rubles at least twice within three years, he may face up to two years’ imprisonment, as well as a fine of up to 300000 rubles and a maximum of two years’ forced labor.

The Russian Federation criminalizes the refusal of encrypted miners to declare digital assets

Analysis based on this information:

The Russian Ministry of Finance has introduced a new clause in a bill that regulates the use of cryptocurrency. The clause aims to make it illegal for anyone to refuse to declare their digital assets. The revision of the Criminal Law means that miners who fail to declare their income could face severe penalties. If a miner fails to declare an income of more than 15 million rubles twice within three years, they could face up to two years of imprisonment, a fine of up to 300,000 rubles, and two years of forced labor.

The move is a part of the Russian government’s effort to regulate the use of cryptocurrency within the country. Russian authorities have been skeptical of the use of cryptocurrency due to its decentralized nature, and they have been working to control its use. The government is particularly concerned about the use of cryptocurrency to finance illegal activities such as terrorism and money laundering.

The introduction of criminal penalties for failure to declare crypto assets is an attempt to enforce the regulation of cryptocurrency use in Russia. The move is expected to increase transparency in the use of cryptocurrency and facilitate the tracking of income generated from crypto assets. Additionally, the introduction of criminal penalties is expected to deter individuals from engaging in illegal activities such as tax evasion and money laundering using cryptocurrency.

However, the move has been met with mixed reactions from the cryptocurrency community in Russia. Some stakeholders have expressed concern over the potential infringement of privacy as the declaration of crypto assets will require individuals to disclose private information. Additionally, others have expressed concerns about the effectiveness of the law in controlling the use of cryptocurrency in the country.

In conclusion, the introduction of criminal penalties for failure to declare crypto assets is a significant development in the regulation of cryptocurrency in Russia. The move is expected to increase transparency in the use of crypto assets, but it also highlights the Russian government’s skepticism of cryptocurrency. The effectiveness of the move remains to be seen, and it is likely that the cryptocurrency community in Russia will continue to watch developments in this area with interest.

This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/crypto/8796.html

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.