- Russia proposes amendments to its crypto law due to potential blind spots.
- Earlier today, Russia’s ministry of finance suggested changes be made to the crypto laws.
- The changes should cover what is expected to happen around tax evasion.
Russia proposes amendments to crypto law
Russia proposes amendments to its crypto law due to potential blind spots. Earlier today, Russia’s ministry of finance suggested changes be made to the crypto laws.
The changes should cover what is expected to happen around tax evasion. The countries crypto law states that people can serve three years in jail for not reporting their transactions twice a year over three years.
Crypto users must report transactions worth $583,000 or more significant than this amount. Russians must divulge both wallet sums and transactions worth over $7,700 in a year.
If people do not report their expenses in the country when necessary, they could result in a $640 fine. Previously, the ministry of finance put people in prison for three years if they did not update transactions worth $13,000 or more.
The national law still does not cover criminals that use cryptocurrency to do illegal transactions. The ministry of finance is settled on harsh prison sentences for those with cryptocurrency but has overlooked the darknet and shadow exchanges.
What is surprising from Russia is that there is no punishment for those who use crypto to do fraudulent acts. The head of business development at EXMO, a crypto exchange, Maria Stankevich, spoke against the country’s approach to the Cointelegraph.
Miss. Stankevich said that there is no punishment for those involved in the dark-crypto- sphere, including exchanges. Miss. Stankevich continued that the government is focused too heavily on punishing its citizens for using crypto instead of protecting them.
What Miss. Stankevich hopes the country explores a similar approach to the UK’s as it regulates evil markets.