The Ministry of Finance offered to put on three …


Ministry of Finance Media Conference – Wednesday February 10th 2021

The Ministry of Finance offered to put on three ...

The Ministry of Finance offered to imprison for three years for concealing cryptocurrency income

  • The regulator outlined administrative punishment for violating the use of cryptocurrencies

  • The most severe punishment is prescribed for legal entities

  • The changes are still to be considered by the Russian government

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The Ministry of Finance proposed to introduce articles into the Code of Administrative Offenses establishing liability for violations using digital financial assets

The Ministry of Finance of the Russian Federation (Ministry of Finance) has determined the amount of the fine for using cryptocurrencies as a means of payment. According to the published proposal of the Ministry, the use of cryptocurrency as a means of payment in the territory of the Russian Federation entails an administrative fine for individuals in the amount of from 20 thousand rubles to 200 thousand rubles with confiscation of the subject of an administrative offense. For officials, the fine will be from 50 thousand rubles to 400 thousand rubles with a similar confiscation. The most severe penalties are prescribed for legal entities – from 100 thousand rubles to 1 million rubles.

Criminal liability

The Ministry of Finance offered to put on three ...

According to the new amendments, owners of cryptocurrencies must report to the tax authorities on transactions with cryptocurrencies if their total value for a year exceeds 600 thousand rubles, while the calculation is made at the exchange rate at the time of the transaction. Violators face fines and even prison sentences for failure to provide information.

For example, if in three years the amount of undeclared transactions exceeded 15 million rubles, the owners of digital assets will be forced to work for two years or six months in prison. An even harsher punishment with a term of imprisonment up to three years is waiting for those who twice in three years did not report to the tax office on transactions with cryptocurrencies for the total amount from 45 million rubles.

“Compliance with these recommendations will reduce the number of operations related to money laundering, obtained by criminal means,” – noted in the press service of the department (quoted by RBC).

While the proposed amendments are at the stage of project placement and still have to undergo consideration by the Russian government.

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Whip supporter

The Ministry of Finance of the Russian Federation has long been waging a fierce struggle at the legislative level for the introduction of the most severe regulation of the cryptocurrency market. So, for example, at the end of September, the ministry proposed to punish with a criminal article for not declaring a cryptocurrency wallet with a turnover over 1 million rubles per year.

In mid-October, the Ministry of Finance also expressed concern about the use of the digital ruble in illegal activities. The department warns that the national digital currency must be strictly secured, and transactions must be closely monitored in order to prevent a deterioration in the economy and “growth of social tension.”.

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The Ministry of Finance offered to put on three ...

According to the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (RACIB), the amendments to the law “On digital financial assets” proposed earlier by the Ministry of Finance of the Russian Federation will roll back the country’s technological development to the level of Afghanistan.

“We will isolate the country from the rest of the world and make it impossible for us to participate in a large number of international projects. The adoption of the amendments in the current edition will put Russia at the level of Algeria, Bangladesh, Afghanistan, ”said Alexander Brazhnikov, RACIB executive director at the beginning of September.

Is bitcoin banned in Russia today and how its status in the country will change in 2021 – read in a special material from BeInCrypto.

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