The Russian government is tightening its grip on the cryptocurrency market in order to track down and prevent tax evasion.
In Russia, the crypto market is being closely scrutinized by the government, which is attempting to prevent people from dodging taxes by utilizing untraceable cryptocurrency. Danniil Egorov, the head of the Russian Federal Taxation Service (FNS), highlighted worries in an interview about the harmful impact that cryptocurrencies may have on the national budget if they are not adequately managed. These decentralized crypto coins, according to Egorov, have the potential to cause "substantial erosion" of Russia's tax base. The FNS is currently looking at measures to combat crypto tax evasion as well.