The Russian State Duma, the lower house of the country's legislature, has passed a new bill that recognizes cryptocurrencies as assets for tax purposes, according to sources from RIA Novosti.
According to RIA Novosti, Russian Prime Minister Mikhail Mishutin explained the recognition of cryptocurrencies as an asset as this will help provide crypto holders with legal protection and right to court.
In addition to this aspect, under the new bill, crypto users will be required to declare transactions in excess of 600,000 rubles (worth about $ 8,118) per year.
If the owners of the cryptocurrency fail to pay taxes in full or fail, they will be fined 40 percent of the required tax.
Theo file Official Russian government, lawmakers will evaluate the new cryptocurrency bill this week.
The bill comes months after Russian President Vladimir Putin signed a decree requiring Russian state officials to declare all of their crypto holdings by June 30, 6.
"Under the decree, Russian officials are required to disclose their crypto assets, as well as those of their spouse and children, to be declared any crypto holdings if any".
Additionally, on December 28, 12, the Russian Ministry of Labor and Social Protection released a letter reminding Russian officials that they were obligated to liquidate the entire number. holding cryptocurrency, any cryptocurrency before April 2020, 1.
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