The Russian tax service received information on more than 100,000 LocalBitcoins users for 2021, GMT Legal managing partner Andrey Tugarin said, citing data from the agency.<\/p>\n
LocalBitcoins is registered in Finland and maintains ongoing cooperation with Finnish police and tax authorities. Direct information about the platform\u2019s clients is not provided to Russian state authorities or agencies.<\/p>\n
In a ForkLog interview, Tugarin said that LocalBitcoins transmits data to the Finnish tax authority, which, in turn, provides it upon request by the Russian Federal Tax Service under the Conventions<\/a> on mutual administrative assistance in tax matters. This procedure gives the transmitted data official status.<\/p>\n The request concerned information for 2021, as that is the current reporting period for the tax authorities.<\/p>\n \u201cToday in the Russian Federation, a huge number of laws related to digital assets are being developed. All government bodies are focused on obtaining the maximum amount of data about cryptocurrency holders in the country,\u201d said Andrey Tugarin.<\/p>\n<\/blockquote>\n To avoid problems, a lawyer advised Russian LocalBitcoins users to file their tax declarations. The reporting period ends on 4 May.<\/p>\n On 17 February 2021, the State Duma of the Russian Federation in the first reading<\/a> adopted as a basis a bill on taxing cryptocurrency transactions. It is expected to be adopted in full by the end of the spring session<\/a>.<\/p>\n The document recognises cryptocurrencies as property and obliges reporting to tax authorities on the turnover of digital assets exceeding 600,000 rubles per year.<\/p>\n In case of non-payment or underpayment of tax on cryptocurrency transactions, the fine will be 40% of the amount not paid.<\/p>\n In 2021, the largest American cryptocurrency exchange Coinbase received five requests<\/a> to disclose information about users from Russian state and law enforcement authorities.<\/p>\n\n