Russia’s Crypto Tax Bill Passes State Duma

Russia’s State Duma has passed new legislation to tax cryptocurrencies, RIA Novosti reported today.

The bill proposes recognizing cryptocurrencies as property for tax purposes, which would give holders legal protection and rights in court disputes.

Cryptocurrency users will be required to declare cryptocurrency receipts exceeding 600,000 rubles ($8,184) per year. Failure to do so will result in a fine of 10% of the undeclared amount or cancellation of the currency, whichever is greater.