Russia to Require Residents to Report Foreign Crypto Wallets to Tax Authorities
Russian residents would be required to report foreign and offshore cryptocurrency wallets to the federal tax authority under new digital asset regulations recently submitted to parliament in Moscow. The draft measures, which name the Federal Tax Service (FTS) as the recipient of disclosures, are presented as part of a broader effort to tighten reporting, improve tax collection and curb money laundering and capital flight.
The proposal's submission signals a tougher regulatory stance but leaves key questions open: the deadline for reporting, verification mechanisms, penalties for noncompliance and how cross-border information will be shared with the FTS. Market participants and privacy advocates may reassess custody choices and compliance processes if the rules are enacted; observers will watch parliamentary consideration and any implementing guidance for details on enforcement and scope.