The State Duma adopted a law on taxing cryptocurrency transactions, where virtual money acts as property. For this reason, cryptocurrency owners are required to submit a declaration to the Federal Tax Service in a situation where the total transactions with cryptocurrency over the past financial year amount to 600 or more thousand rubles. Personal income tax will be 13% (if the amount of transactions is 5 million rubles or more, then 15%). The penalties for concealment of cryptocurrency transactions are as follows:
for concealing transactions with digital money from 15 million rubles or more, the punishment ranges from 100 thousand rubles to imprisonment for up to 6 months;
for concealing transactions from 45 million rubles or more, the punishment ranges from 500,000 rubles to imprisonment for up to 3 years.
In addition, the offender may lose the opportunity to hold certain positions or carry out certain types of activities for a period of up to three years. If the subject pays or asks for cryptocurrency for goods or services (which is prohibited by law), then he/she will be punished (the amounts are indicated in rubles):
for individuals – from 20 to 200 thousand;
for officials – from 50 to 400 thousand;
for legal entities – from 100 thousand to 1 million.
The purchase item is subject to confiscation.