Crypto Industry News:
The Russian Ministry of Finance continues to push through regulations for the cryptocurrency industry by proposing new tax requirements. This time, the ministry wants to introduce criminal liability for failure to declare cryptocurrency transactions.
According to a report by local media on September 24, the ministry introduced amendments to the cryptocurrency act. People who do not report cryptocurrency transactions amounting to over 1 million Russian rubles ($ 13,000) per year will be able to go behind bars for up to 3 years.
The ministry also proposed high fines for smaller, unreported amounts. Consequently, each entity in Russia would have to report its annual cryptocurrency income if its amount exceeded 100,000 rubles ($ 1,300). Failure to report such transactions, the report says, would be subject to a penalty of 30% of the total amount of digital assets held, but not less than 50,000 rubles ($ 650).
The authorities also came up with the idea that local cryptocurrency exchanges should report all cryptocurrency transactions to the tax office once a quarter. The new proposals relate to both the new Russian cryptographic law "On digital assets" and the upcoming draft law "On digital currency". In the current version of the Act on Digital Assets, neither tax rates for transactions nor general rules for their declaration have been established.
It is not clear what transactions the ministry wants to tax. The authority only recognizes a few ways to become a cryptocurrency holder. In early September, the ministry proposed a total ban on all cryptocurrency transactions. The exception is obtaining them in three ways: through inheritance, bankruptcy and enforcement proceedings.
Technical Market Outlook:
The BTC/USD pair had retraced more than 61% of the last wave down, but was capped at the level of $10,865. There is a Pin Bar candlestick made at the top of the retracement, so now the market sends a first indication of a possible reversal and down trend continuation. Any violation of the intraday technical support seen at the level of $10,555 would be seen as down trend resumption. The first local target for bears is seen at the level of $10,430. For now the momentum remains neutral on the H4 time frame chart, but is might change soon.
Weekly Pivot Points:
WR3 - $12,186
WR2 - $11,616
WR1 - $11,271
Weekly Pivot - $10,739
WS1 - $10,293
WS2 - $9,807
WS3 - $9,393
The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,000.
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