Lawyers Don’t Feel Good About the New Crypto Tax in Russia
The Russian Federal Revenue Service prepares the rules for investors to declare their digital assets. Experts suppose it will only boost the volume of illegal crypto operations in the country. It was regarded as the one that requires improvement, but the Service doesn’t agree with it.
Those who operate the crypto assets will have to pay an income tax and be fined 10% from the deals if they won’t pay it. There is also a fine for those who didn’t inform the government about their right to operate the virtual assets.
There are many details lacking in this bill like the need to prove you don’t owe any crypto assets, no consideration of the source of crypto ownership, transactional mobility or volatility of the assets. Law experts think it will make the development of the crypto industry in Russian very difficult.