Russia Proposes Harsh Penalties for Unreported Cryptocurrency Holdings
Russia’s Ministry of Finance has drafted a bill with harsh penalties for anyone who does not report their cryptocurrency holdings above a certain level. Penalties include jail terms and fines. New Russian Crypto Bill The Russian Ministry of Finance has sent out a new draft bill addressing the circulation of cryptocurrency in Russia to interested government departments, local news outlet Kommersant reported this week. The bill contains amendments to the Russian Criminal Code, the Criminal Procedure Code, the Administrative Code, the Tax Code, and the law on combating money laundering,....
Related News
The Russian Ministry of Finance has developed new amendments to the country’s cryptocurrency regulation. The proposal outlines a new set of rules for crypto owners, exchanges, and miners, as well as penalties for undeclared crypto transactions. Russia’s New Crypto Regulation Russia’s Ministry of Finance has proposed new amendments to the country’s law on digital financial assets that will go into effect in January, Russian business newspaper RBC reported Thursday. Cryptocurrency owners, both individuals and organizations, will be required to report their crypto....
The Spanish parliament has introduced an amendment to the tax model 720 used to declare cryptocurrency and other holdings abroad, softening some of the penalties associated with it. The modification, which has not yet been approved, changes some of the harsher penalties that were declared illegal by the Court of Justice of the European Union last month. New Model 720 in Parliament An amendment of the tax model 720, which forced taxpayers to disclose crypto and other kinds of asset holdings outside of the country, was introduced in the Spanish Parliament on February 10th. The antifraud law....
One of the largest news agencies in Russia, RIA Novosti, reportedtoday that the Russian Finance Ministry is preparing a bill to prohibit cryptocurrencies. “The Ministry proposes to establish a ban on the issue of money substitutes, including in electronic form. Also proposes to clarify the provisions of the law on the Central Bank of the Russian Federation, extending the ban not only on the issue of money substitutes, but also to conduct operations with them,” according to RIA Novosti, and translated by Google. “Among the possible limitations – a ban on the use of surrogates as a means of....
True to its hardline stance on decentralized digital money, the Central Bank of Russia is now pushing for a wide-ranging ban on crypto-related activities such as issuance, exchange, and mining. A consultation paper published by the regulator cites threats to financial stability and citizens’ wellbeing among the main reasons for the proposed restrictions.
Russia’s Central Bank Seeks Public Opinion on Restrictive Crypto Policy
The monetary authority of Russia is advocating a ban on an array of crypto activities in a report titled “Cryptocurrencies: Trends,....
Iran has drafted new rules to increase penalties for illegal cryptocurrency mining in the country, including additional fines and imprisonment. “Any use of subsidized electricity intended for households, industrial, agricultural, and commercial subscribers for mining cryptocurrency is prohibited.”
New Penalties for Illegal Cryptocurrency Mining in Iran
An official with Iran’s Power Generation, Distribution, and Transmission Company (Tavanir) said the country’s administration will approve new rules to increase penalties for unauthorized....