Ministry of Finance Reminds About Reporting on Non-Custodial Wallets
Prefer us on GoogleTax residents of Russia are required to report to the Federal Tax Service (FTS) about cryptocurrency held in non-custodial wallets. Deputy Minister of Finance Ivan Chebeskov clarified that the information must be submitted within 180 days after the FTS approves the forms and methods for submitting notifications. The reporting applies to all cryptocurrency transactions using addresses not administered by Russian depositories. Storing cryptocurrency in Russia is only permitted with licensed intermediaries. Non-custodial wallets are not prohibited and are recognized by law as a form of property ownership. The new rules create a regime for personal crypto wallets similar to bank accounts abroad. Sergey Shvetsov, head of the supervisory board of the Moscow Exchange, noted that the tax regime is a barrier to the development of the cryptocurrency market in Russia, which may hinder the successful implementation of new laws.
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