Russian lawmakers insist on surveillance of fiat-to-crypto conversions greater than $9700

The Russian parliament members have reviewed the draft law on financial assets and composed a set of recommendations. The draft itself is still not implemented and the main advice of the officials is to upgrade it before the second reading.

The most notable recommendation is connected to the anti-money laundering state policy: officials insist that big conversions of fiat to cryptocurrency and vice versa should be monitored. The price level after which the financial crimes enforcement starts to monitor the crypto activities is suggested to be 600,000 Russian rubles or approximately $9700 at the press time. The taxation of all conversion and crypto trade revenue is also being suggested, but at the press time, no clear tax rules have been proposed.

The taxation of cryptocurrency deals and trading is a tricky business. In Poland, the taxes which require 1% going to the state budget even if a transaction has led to money losses have been called unfair and provoked an outburst of criticism of the local Finance Ministry. This 1% rule is in addition to the 18% tax of cryptocurrency revenue. If the money gained is higher than €20400 then the tax is even bigger - 32%.

Russian lawmakers have previously promised to adopt laws on digital currency in summer this year. While they can delay this, the laws are almost certainly to be implemented before the end of this year.

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