The bill legalizing cryptocurrency mining will be resubmitted to the Russian parliament, which will postpone its adoption, one of its sponsors has announced. House members are also working on a separate bill that will introduce liability for those who mint digital currencies illegally.
Adoption of Russian Crypto Mining Legislation Postponed Again
A bill designed to legalize cryptocurrency mining, which first came before the state duma in November, it will be resubmitted to the lower house of the Russian parliament after further consultation, according to Anton Gorelkin, deputy chairman of the parliamentary Committee on Information Policy.
The legislator explained that the consideration of the regulation is a difficult process. “As a co-sponsor of the bill, I can confirm that it will be postponed. I hope that this year we can implement it in some way,” Gorelkin explained, quoted by cryptocurrency news outlet Forklog.
Russian parliamentarians and other officials have been pondering how to regulate cryptocurrency-related operations for more than a year. The law aims to recognize mining as a legitimate business activity and compel the entities and individuals involved to report their income to tax authorities.
Under the draft provisions, miners will be able to sell the coins abroad or on platforms operating under special legal regimes in Russia. Despite showing interest in the potential use of cryptocurrencies in international agreements amid sanctions, most government institutions in Moscow remain opposed to allowing cryptocurrency payments within the country.
Russian Authorities Want To Introduce Liability For ‘Grey’ Crypto Miners
If passed in its current version, the legislation will also ban advertising or other forms of promotion of crypto assets to an unlimited audience. Russian lawmakers have already postponed its adoption once, in December. The initial plan was to vote on the law at the end of 2022.
In addition to a profitable business, mining cryptocurrency has become a popular source of income for many ordinary Russians, especially in regions that maintain low and subsidized electricity rates. But this home mining has been blamed for breakdowns and fires, leading to a proposal to ban it in residential areas.
Last week, the head of the Duma Committee on Financial Markets, Anatoly Aksakov, revealed that lawmakers are now preparing another bill that introduces liability for so-called “grey miners” or those who steal electricity to mint or have connected illegally your hardware to the grid. The senior MP told RBC Crypto that both laws should be adopted simultaneously in the first half of the year.
Do you think Russia will adopt the new crypto mining legislation this year? Tell us in the comment section below.
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