How to avoid administrative and legal penalties for violations in the cryptocurrency market?
There are several administrative and legal violations that may entail the liability of owners and operators of cryptocurrencies. Some of them can be applied only to business entities, including individual entrepreneurs and the self-employed, others can also apply to individuals:
· Violation of the procedure for working with cash and conducting cash transactions;
· Violation of the deadlines for submitting a tax return (in case of the introduction of mandatory rules for informing about the rights to digital currency);
· Gross violation of accounting requirements, including accounting (financial) statements;
· Violation of the currency legislation of the Russian Federation and acts of currency regulation bodies;
· Failure to comply with the requirements of legislation on countering the legalization (laundering) of proceeds from crime and the financing of terrorism;
· Providing financial support to terrorism;
· A number of other violations: illegal organization and conduct of gambling, violation of advertising legislation, fictitious bankruptcy.
Administrative fines for violations:
· From 4 to 50 thousand rubles for officials, and up to 1 million rubles for legal entities.
· Illegal currency transactions entail penalties ranging from 75 to 100% of the amount of the illegal currency transaction.
· Disqualification for up to 3 years may also be applied to officials, and suspension of activity for up to 90 days may be applied to legal entities.
How to avoid fines?
If you fail to comply with all the required rules and there is a threat of administrative punishment, it is important to know that an administrative fine can be replaced with a warning, even if the punishment in the form of a warning is not directly provided for in the article of the Administrative Code of the Russian Federation. This is permissible in relation to non-profit organizations, small and medium-sized businesses, subject to certain mandatory conditions.
It is always necessary to carefully familiarize yourself with documents that require your signature. It is not uncommon for an authorized person to fail to perform the necessary actions when drawing up a protocol when excessive or insufficient qualifications are made. In the case of correct formation of the legal position, all of this is the basis for the termination of administrative proceedings or the cancellation of the decision to bring to administrative responsibility.
· Violation of the procedure for working with cash and conducting cash transactions;
· Violation of the deadlines for submitting a tax return (in case of the introduction of mandatory rules for informing about the rights to digital currency);
· Gross violation of accounting requirements, including accounting (financial) statements;
· Violation of the currency legislation of the Russian Federation and acts of currency regulation bodies;
· Failure to comply with the requirements of legislation on countering the legalization (laundering) of proceeds from crime and the financing of terrorism;
· Providing financial support to terrorism;
· A number of other violations: illegal organization and conduct of gambling, violation of advertising legislation, fictitious bankruptcy.
Administrative fines for violations:
· From 4 to 50 thousand rubles for officials, and up to 1 million rubles for legal entities.
· Illegal currency transactions entail penalties ranging from 75 to 100% of the amount of the illegal currency transaction.
· Disqualification for up to 3 years may also be applied to officials, and suspension of activity for up to 90 days may be applied to legal entities.
How to avoid fines?
If you fail to comply with all the required rules and there is a threat of administrative punishment, it is important to know that an administrative fine can be replaced with a warning, even if the punishment in the form of a warning is not directly provided for in the article of the Administrative Code of the Russian Federation. This is permissible in relation to non-profit organizations, small and medium-sized businesses, subject to certain mandatory conditions.
It is always necessary to carefully familiarize yourself with documents that require your signature. It is not uncommon for an authorized person to fail to perform the necessary actions when drawing up a protocol when excessive or insufficient qualifications are made. In the case of correct formation of the legal position, all of this is the basis for the termination of administrative proceedings or the cancellation of the decision to bring to administrative responsibility.