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Three years in prison for not sharing your crypto with the tax authorities

The Ministry of Finance has prepared amendments (https://www.rbc.ru/f.../5fac09a99a7947. .) in the Criminal and Criminal Procedure Codes. They stipulate that owners of digital currencies can be imprisoned for up to three years if they fail to report to the tax authorities on transactions with assets at least twice within three years. This measure is provided for those who conducted transactions in an amount equivalent to 45 million rubles and above.

The Ministry of Finance claims that such regulation will reduce the number of transactions related to money laundering obtained by criminal means.

Holders will be required to report crypto assets for the first time no later than April 30, 2022.

At the same time, the Criminal Code itself does not provide for criminal liability for the fact that a taxpayer fails to notify of any transactions with property or transactions with currency.

The bill “On Digital Financial Assets” was signed by the President on July 31. It introduces a definition of cryptocurrency and prohibits its use as a means of payment.

The CFA Law will come into force on January 1, 2021.
 
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