By Jamie G - Cryptocurrency Specialist
Investors in Russia have begun to cooperate with authorities when they Buy and Sellcryptocurrency, following the approval of Russia's State Duma, a bill to legally recognize cryptocurrencies as property.
As reported by a local news outlet Izvestia, it is said that when Russian cryptocurrency investors started to cooperate with authorities, they now have to provide details regarding buying crypto and pay the necessary taxes. Because of this, law and accounting companies have reported a mass increase in compliance with tax legislation.
In addition, the news comes from Russia's State Duma, which approved a bill to legally recognise cryptocurrencies as property assets. FTL Advisers partner Maria Kukla, elaborated on the development stating that she has noticed that Russian residents have started to voluntarily include profits from large cryptocurrency transactions in their tax returns.
This provides Russian cryptocurrency owners with legal security, as well as requiring regulators to levy a 13% tax on profits made from cryptocurrency investments 2021.
All Russian cryptocurrency owners by law, will now have to declare all purchases that with a value of more than 600,000 rubles ($8,184) per year. One thing to note, all investors who do fail to report their crypto investments will be fined 10% of the undeclared sum. Furthermore, the bill stated that if an investor fails to pay the required tax, a 40% penalty would be imposed.
Head over to BC Bitcoin to register an account so you can start to purchase and sell crypto today.