The Russian State Duma, the country’s lower house of state, will consider draft legislation on the taxation of cryptocurrency on Wednesday.
The Federation’s government revealed earlier the month January that the proposed bill would amend parts of the tax code to require under consideration the utilization of cryptocurrency, classing digital assets like property.
The draft bill introduces the need for citizens to declare receipts or write-offs of cryptocurrencies should they exceed the equivalent of 600,000 rubles [$8,184 USD] annually.
The legislation is being proposed out of concern that cryptocurrency is getting used for Money Laundering and other illicit activities, the govt added.
Additionally, Russia’s tax authorities don’t have information on citizens opening cryptocurrency wallets and what they’re getting used for, according to the announcement.
The decision to recognize digital assets as a sort of property in Russia, but to bar their use in payments, was primarily aired last summer.