Russian Crypto Industry Queries Government About Proposed Felonious Liability for Miners

By Clark

The association representing Russia’s crypto sector has asked the government in Moscow to clarify an offer to introduce felonious liability for “ argentine ” miners. The draft legislation seeks to discipline those who fail to report their income to the state and share information about their digital means.

Crypto Companies in Russia Want to Take Part 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 violating the law.

In a letter addressed to Siluanov, the assiduity association requests an occasion to get acquainted with the separate draft amendments to the Criminal Code put forward by the Ministry of Finance, which give for the execution of miners for duty elusion, for illustration.

Racib is pertaining to a package of textbooks transferred 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 vittles oblige mining companies in Russia to report their income and give duty authorities with detailed information about their digital asset effects, including portmanteau addresses, in order to avoid felonious liability. Penalties for failure to do so include hefty forfeitures and indeed captivity time. Quoted by RBC Crypto, Racib’s letter states

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

The association is asking Anton Siluanov to partake the proffers with it so that its experts can study them. Likewise, Racib insists that the minister includes its representatives in the working group drafting the legislation that will regulate cryptocurrencies in Russia. A bill devoted to crypto mining is to be resubmitted to the State Duma along with the amendments to the Criminal Code.