Russia's proposed crypto amendments have a major blind spot

[Cordillerabit]

Russia’s vast oversight of cryptocurrency transactions appears to have one crucial blindspot: There doesn’t seem to be any liability for criminals who use digital assets to conduct illegal transactions.

On Thursday, Russia’s Ministry of Finance proposed new amendments to the country’s cryptocurrency laws that seek to clarify rules around tax evasion. Under the proposed guidelines, Russians can face up to three years in prison for failing to report transactions of 45 million rubles ($583,000) or more at least twice in three years

An earlier ministry proposal recommended three-year prison sentences for anyone who fails to report transactions of over 1 million rubles ($13,000).

Citizens must also report transactions and wallet amounts that exceed 600,000 rubles ($7,700) in a calendar year. A failure to report on time could result in a fine of 50,000 rubles ($640).

Strangely absent from the new guidelines is any liability for criminals who continue to use cryptocurrency for illicit transactions.

DELIVERED EVERY FRIDAY

Source: https://cointelegraph.com/news/russia-s-proposed-crypto-amendments-have-a-major-blind-spot