The organization representing Russia’s crypto sector has asked the Moscow government to clarify a proposal to introduce criminal liability for “grey” miners. The bill seeks to punish those who do not report their income to the state and share information about their digital assets.
Crypto companies in Russia want to participate in ongoing regulatory efforts
The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (racib) has asked Finance Minister Anton Siluanov to explain a proposal made by his department to introduce penalties for cryptocurrency miners who violate the law.
In a letter addressed to Siluanov, the industry organization requests the opportunity to learn about the respective draft amendments to the Penal Code presented by the Ministry of Finance, which provide for the prosecution of miners for tax evasion, for example.
Racib is referring to a package of texts sent by Deputy Finance Minister Alexey Moiseev to the Ministry of Economic Development, the Ministry of Justice, the Federal Tax Service, the Central Bank of Russia and other government institutions in February.
The provisions oblige mining companies in Russia to report their income and provide tax authorities with detailed information about their digital asset holdings, including wallet addresses, to avoid criminal liability. Penalties for not doing so include hefty fines and even jail time. Quoted by RBC Crypto, Racib’s letter reads:
This document has caused a lot of confusion and questions in the digital economy business community.
The association asks Anton Siluanov to share the proposals with it so that its experts can study them. In addition, Racib insists that the minister include his representatives in the working group that drafts legislation that will regulate cryptocurrencies in Russia. A bill dedicated to cryptomining will be resubmitted to the State Duma along with amendments to the Criminal Code.
Do you think that the Russian crypto industry association will be able to change the texts that introduce the criminal liability of miners? Share your thoughts on the subject in the comments section below.
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