Share this article
Russian Ministry Wants Citizens to Report Their Crypto Wallet Details: Report
The Ministry of Finance is seeking amendments to the law that would force cryptocurrency users to report wallet balances and large transactions to the tax authorities.
Updated Sep 14, 2021, 10:00 a.m. Published Sep 24, 2020, 12:53 p.m.
Russia's Ministry of Finance is seeking strict measures regarding cryptocurrency use in the country, including the reporting of wallet balances and large transactions to the tax authorities.
STORY CONTINUES BELOW
- According to Russian news source RBK, the ministry has prepared a package of amendments to Russia's law on digital assets.
- The law, signed by President Vladimir Putin in July, takes effect in January 2021.
- The Ministry of Finance has previously tried to introduce harsh restrictions for crypto transactions in the country.
- In this latest attempt, it wants crypto users to have to report their digital wallet address, transaction history and balance if the wallet receives more than 100,000 Russian rubles (around $1,300) during one year, according to RBK.
- Failure to report a wallet that received over $13,000 in one year would lead to a punishment of up to three years in prison.
- Using crypto in financial crimes would also be considered an aggravating circumstance in court and could lead to more severe punishment.
- Further, over-the-counter (OTC) cryptocurrency dealers would be obliged to report all transactions involving rubles and Russian IP addresses to the tax authorities, RBK wrote.
- The previous draft bill on digital assets sought harsh punishment for facilitating crypto transactions in Russia, including prison time of up to seven years.
- The most draconian parts of that proposal did not become law, following criticism from the cryptocurrency community and the Ministry of Justice and Ministry of Economic Development.
Read more: Russia’s Economy Ministry Calls for ‘Controllable Market’ Rather Than Crypto Ban
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
U.S. bipartisan lawmakers draw up tax bill with stablecoin and staking relief
New House proposal would exempt some stablecoin payments from capital gains taxes and allow stakers to defer income recognition for up to five years.
What to know:
- A bipartisan bill in the U.S. House aims to modernize tax rules for digital assets, addressing issues like excessive taxation and tax abuse.
- The PARITY Act proposes tax exemptions for stablecoins, deferral options for staking rewards, and aligns digital assets with traditional securities.
- The bill includes measures to prevent tax loss harvesting in crypto and offers tax benefits to foreign investors trading through U.S. brokers.
Top Stories
