News Russia’s New Crypto Laws Require Users to Declare Their Wallets

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Russia’s Finance Ministry (Minfin) has prepared a new draft bill on the cryptocurrency regulation that enforce stringent measures regarding the usage of crypto wallets, local outlet Kommersant reported today. According to the draft bill, any legal entity or individual that received more than 100,000 rubles ($1,300) worth of crypto per year must report their wallet address and the transaction history to Russian tax authorities. In case of non-compliance, violators would face a fine of 30% of the amount received—but no less than 50,000 rubles ($650) or even imprisonment for up to three years. According the new crypto regulations, over-the-counter (OTC) cryptocurrency dealers must report all ruble transactions and transactions made from Russian IP addresses. The new amendment would come into force in January 2021. Officials claims, the updated regulations would curb crypto-related illegal activities, as “digital currencies were most often used for tax evasion and money laundering”.

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