Russian Authorities Plan to Track Crypto Deals That Exceed the Limit

April 16, 2018

Authorities of Russian Federation plans to discuss the opportunity of the taxation of cryptocurrency transactions, the amount of which exceeds 600 thousand rubles (approximately $9.6 thousand). It is believed that this measure can help fight money laundering and terrorism financing. In addition to this measure, authorities of Russia are considering the taxation of profits from cryptocurrency transactions and mining.

Currently Russian banks have been already monitoring some cryptocurrency transactions with the large amount. However, President of Russian Association of Cryptocurrency and Blockchain Yuri Pripachkin is sure that this measure will have a negative impact on the crypto industry in Russia. He thinks that this may frighten off not only Russian, but also foreign investors.

At the moment, Russian authorities do not know what type of tax should be imposed on cryptocurrency. It is also unclear whether digital currency should be given a unique legal status.

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