Duma deputy signals possible change to cryptocurrency declaration threshold

The annual turnover threshold from cryptocurrency operations, at which owners would be required to report to tax authorities about the possession of digital currencies, may be revised. This was written in his Telegram channel by Anton Gorelkin, a member of the State Duma Committee on Information Policy.

“For now, it is assumed that one must declare cryptocurrency operations if the annual turnover from them exceeds 600,000 rubles. But this is a matter of discussion: the threshold may be changed,” he noted.

The 600,000 ruble amount is set in the bill on taxing cryptocurrency operations, introduced in the first reading.

Earlier reports indicated that the Russian Ministry of Finance may consider reducing the prescribed limit.

“Control will be exercised by requesting information from banks, not within the framework of tax audits. Those people whose bank accounts have funds debited to crypto exchanges will obviously come under the oversight of the tax authorities,” he added.

The bill imposes penalties for late submission or submission of inaccurate information, as well as for not notifying the tax authorities within the prescribed period about cryptocurrency operations.

What the bill, in its current form, means for cryptocurrency holders in Russia, a lawyer told ForkLog.

A lawyer explained how the cryptocurrency taxation bill will affect its owners

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