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Russian Crypto Industry Questions Government on Proposed Criminal Liability for Miners – Regulation

The organization representing the Russian crypto sector has asked the Moscow government to clarify a proposal to introduce criminal liability for “grey” miners. The bill aims to punish those who fail to report their income to the state and share information about their digital assets.

Crypto companies in Russia are looking to get involved in ongoing regulatory efforts

The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib) has asked Finance Minister Anton Siluanov to explain a proposal by his department to introduce penalties for cryptocurrency miners who break the law.

In a letter addressed to Siluanov, the industry association asked for an opportunity to familiarize itself with the Treasury Ministry’s relevant draft amendments to the Criminal Code, which include prosecuting miners for tax evasion.

Racib is referring to a package of texts that Deputy Finance Minister Alexey Moiseev sent 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 regulations oblige mining companies in Russia to report their earnings and to provide tax authorities with detailed information about their holdings of digital assets, including Wallet-Addresses to avoid criminal liability. Failure to comply can result in high fines and even imprisonment. Quoted by RBC Crypto, Racib’s letter states:

This document has caused a lot of confusion and questions in the business community of the digital economy.

The association asks Anton Siluanov to share the proposals with him so that his experts can study them. In addition, Racib insists that the minister include his representatives in the working group drafting the legislation that cryptocurrencies will regulate in Russia. A draft law dedicated to crypto-mining is expected to be resubmitted to the State Duma along with amendments to the Criminal Code.

Do you think that the Russian Crypto Industry Association will manage to change the texts introducing criminal liability for miners? Do share your thoughts on this topic in the comments section below.

Russian Crypto Industry Questions Government on Proposed Criminal Liability for Miners – Regulation, Crypto Trading News

Lubomir Tasev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchen’s quote: “Being a writer is what I am, not what I do.” Along with crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

photo credit: Shutterstock, Pixabay, WikiCommons

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Source: Crypto News Deutsch

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