Russia’s Federal Tax Service (FTS) has begun sending notices to cryptocurrency holders, asking for details about their digital asset ownership and related transactions. This development has drawn attention in financial and regulatory circles, and it was reported by the RBC Internet edition along with a link to BitOK, a service that tracks, accounts for, and analyzes crypto assets for users. The move signals a broader effort by tax authorities to gather information on crypto activity, aligning with global trends toward tighter compliance in the digital assets space.
The notices appear to target individuals who engaged in cryptocurrency transactions during 2021 and 2022 and who filed a 3-NDFL tax return. The FTS requests prompt responses to these inquiries, emphasizing the importance of timely cooperation to avoid complications in tax processing. In Canada and the United States, tax agencies also emphasize timely responses and accurate reporting of crypto activities, underscoring the growing emphasis on transparency in digital asset dealings across North America and beyond.
BitOK reports additional contact from FTS representatives, who allegedly call requesting information related to previously filed returns that may contain discrepancies. There are claims of follow-up inquiries when documents fail to verify income and expenses, illustrating the tightening scrutiny governments apply to crypto earnings and spendings. This trend mirrors how other major economies are increasingly cross-checking crypto disclosures against financial records to ensure correct tax treatment and compliance.
On a different note, the cryptocurrency ecosystem witnessed a milestone in early April when Bitcoin, the world’s first and most widely recognized digital asset, briefly surged to around the $31,000 mark per coin. This rally marked a notable moment after a period of fluctuation since mid-2022, attracting attention from traders, institutions, and regulators alike. The price movement serves as a reminder of the volatile nature of digital assets and the importance of keeping accurate records for tax and reporting purposes across diverse markets, including North America.
In related financial disclosures, the Bank of Russia reported in March that households with crypto investments held an average of approximately 17.5 thousand rubles per investor at that time. This statistic highlights the growing but still measured participation in the crypto space among private individuals, a dynamic that regulators in many regions monitor carefully. For readers in Canada and the United States, such data points underscore the importance of clear accounting and documentation practices for crypto activities, as tax rules continue to evolve and expand with market adoption. (Source: Bank of Russia press service; BitOK reporting on FTS communications).