Russian prime minister Mikhail Mishustin has expressed enthusiasm with crypto, and has said there is a need for the protection of users. Mishustin said this on the 26th of November, during a government session.
In his speech, the prime minister recognized the growing interest in digital assets. Referring to crypto as a “relatively new instrument,” he revealed the government’s plans for the crypto space. He said that the government wants to advance the crypto market in a civilized way to help crypto holders protect their rights and interest. He added that the development plans would also fight scams in the industry.
Highlighting new changes to the Tax Code, Mishustin said:
“Digital financial assets will be recognized as property, and their owners will be able to count on legal protection in the event of any illegal actions, as well as to defend their property rights in the court.”
Before now, the prime minister had proposed some requirements for cryptocurrency taxpayers. As per the proposed requirements, crypto holders with more than 600 Russian rubles ($7,800) worth of annual transactions, must declare their holdings.
According to a report by Coindesk, there are fines and consequences for people who violate the rule. In addition, a taxpayer who does not declare crypto holdings for three consecutive years may face up to six months imprisonment.