Authorities in Russia have announced a new bill that deals with crypto taxation in their country. According to this new draft bill, crypto assets like Bitcoin and the rest have now been classified as a property and as such, their citizens or residents carrying out transactions in these assets are liable to be taxed under this new regulation. The new bill also covers both local and foreign institutions working in the country.
This new bill has also demanded that listed institutions would have to report any crypto transaction that exceeds 600,000 rubles ($8,100) on an annual basis. It is expected that the new crypto bill would be approved on the 17th (today) of this month, since it has already gotten the approval of the Committee on State Building and Legislation.
Accordingly, authorities have also proposed a strict penalty and sanction for defaulters of this bill. Reporting your crypto transactions late or providing falsified information could lead to a fine that is as high as 10%. While the refusal to pay such taxes or payment of incomplete tax would result in a fine as high as 40% of the unpaid tax.
Russian authorities have a history of crypto regulations. At the beginning of this year, the country had imposed a crypto law that stops local residents from making payments in crypto assets.