Yesterday we looked at how the Swiss Confederation is trying to become the new crypto star with the help of new laws and positive policy decisions, today we want to look at how the exact opposite is happening nearly 2000 miles away:
the Russian government wants to tighten control over crypto with new tax measures.
The authorities of the Russian Federation are beginning to gradually tighten control over cryptocurrencies, in particular, by introducing a new tax.
According to RIA Novosti, cryptocurrency experts claimed that they wants to force all traders to file annual tax returns outlining all details of their transactions with crypto currencies if they are worth more than $8,000 over the course of a tax year..
In July 2020 President Vladimir Putin signed a law in that but prohibits cryptocurrency as a means of payment in Russia. Now in a new step the authorities are preparing a bill that will include further expand on the iron fist against crypto, enforcement of new, tough tax protocols and improvement of monitoring of transactions.
The plans include tax authorities using information collected from crypto exchanges, after they force trading platforms to submit data on their clients' transactions. It's a new step into monitoring of all transactions of Russian citizens and residents on overseas trading platforms. Authorities seem confident that they already have the tools at their disposal to track crypto to crypto transactions using data submitted by banks, and now feel ready to start building networks that will help them track all these transactions.
The rumors say, that crypto taxation control is likely to begin in earnest in the coming fiscal year - with citizens and companies trading in crypto expected to have to declare their income by the end of the FY2021 tax year (April 2022).
