The organization that represents Russia’s crypto sector has asked the government in Moscow to clarify a proposal to introduce criminal liability for “gray” miners. The draft legislation seeks to punish those who do not report their income to the state and do not share information about their digital assets.
Crypto Companies in Russia Look to Take Part in 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 an opportunity to obtain knowledge regarding the respective draft amendments to the Criminal Code put forward 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 revenue and provide tax authorities with thorough details about their digital asset holdings, including wallet addresses, in order to evade criminal liability. Penalties for failing to do so include hefty fines and even jail time. Quoted by RBC Crypto, Racib’s letter states:
This document has caused considerable confusion and questions in the digital economy business community.
The association is asking Anton Siluanov to share the proposals with it so that its experts can study them. Additionally, 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.
Do you think the Russian crypto industry association will manage to alter the texts introducing criminal liability for miners? Share your thoughts on the subject in the comments section below.
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