Russians will be obliged to declare cryptocurrency

The cryptocurrency market continues to break records andhas already reached a unique capitalization of over $ 2 trillion, Bitcoin and Ethereum are setting new price highs every week. Against the backdrop of such a cryptocurrency fever, the Russian tax service does not want to stand aside and seeks to tighten control over the newly formed digital millions.

According to the new bill, which aimsto the State Duma for a second reading, Russians who own cryptocurrency are now obliged to report to the Federal Tax Service (FTS). Currently, the legislation on digital financial assets grants Russians the right to voluntarily inform the fiscal authorities about the presence of cryptocurrency in their investment portfolio. The adoption of the new edition of the law transforms the right into an obligation.

According to experts, such an event will lead totightening restrictions on the cryptocurrency market. Russian tax authorities are not original - tax services around the world are striving to integrate into the system of new financial instruments and receive significant income from the new market to the treasury, while simultaneously blocking the popular channel for laundering illegal money by politicians and businessmen.

At the same time, experts believe that large whalesthe cryptocurrency market will be easily bypassed by new legislative acts by changing jurisdictions or taking advantage of the main advantage of cryptocurrency - anonymity. At the same time, people who accidentally find themselves in the cryptocurrency market, who decide to simply try out new tools, will get into the FTS network.

Source: kommersant