Fines, prison sentences and unclear terminology: what the Russian Ministry of Finance proposed to the bitcoin industry

Ministry of Money Russia continues to strengthen regulation of cryptocurrencies. ForkLog obtained a copy of the documents with new corrections to the Criminal, Tax and a number of other codes. In the refreshed package of documents, they left the proposals exposed before this, that relate to the issue and circulation of digital rights and cryptocurrency. Taking these actions bypassing Russian information infrastructure facilities, leading to "generating a lot of income", punishable by fines or imprisonment. The adjustments also imply the introduction of liability for non-declaration of crypto money. How physical, so organizations will have to submit reports to the tax, if the amount of income on the crypto wallet for the calendar year exceeds 100 thousand rubles. In this case, the tax authority will need to report on the availability of a cryptocurrency wallet, turnover and balance. Failure to declare assets in an amount equivalent to over 1 миллионов рублей в год для физических лиц наказывается штрафом до 300 thousands of rubles or arrest up to 6 Months. If funds are not declared for 5 millions of rubles and more, the violator may face a fine up to the floor …

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