Russian lawmakers advance bill that recognizes cryptocurrencies as property for tax purposes

Russia's State Duma, the lower house of the country's legislature, has approved a new bill that will recognize digital currencies as property for tax purposes, according to a report by news outlet RIA Novosti.

According to the report, as Prime Minister Mikhail Mishutin explained, the proposal will afford crypto owners legal protections and rights in court. 

In addition to this aspect, under the new bill, crypto users will be required to declare transactions that exceed 600,000 rubles (worth about $8,118) per year. If holders fail to pay taxes in full or at all, they will be subject to a fine of 40 percent of the required amount of tax.  

Lawmakers will evaluate the new crypto bill this week, according to official government records.

The state bill comes months after Russian President Vladimir Putin signed an order requiring Russian public officials to disclose their crypto holdings. 

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