The organization representing Russia’s crypto sector has asked the government in Moscow to clarify its proposal to introduce criminal liability for “gray” miners. The draft law seeks to punish those who fail to report their income to the state and share information about their digital assets.
Crypto companies in Russia seek to participate in ongoing regulatory efforts
Russian Federation of Cryptoeconomics, Artificial Intelligence and Blockchain (recipe) has asked Finance Minister Anton Siluanov to explain a proposal made by his department to impose penalties for cryptocurrency miners who violate the law.
In a letter addressed to Siluanov, the industry association asked for the opportunity to get acquainted with the relevant draft amendments to the Criminal Code submitted by the Ministry of Finance, which, for example, provide for the prosecution of miners for tax evasion.
Rakib is referring to a package of texts sent in February by Deputy Finance Minister Alexei Moiseev to the Ministry of Economic Development, the Ministry of Justice, the Federal Tax Service, the Central Bank of Russia and other government institutions.
The provisions oblige mining companies in Russia to report their income and provide detailed information about their digital asset holdings, including wallet addresses, to tax authorities to avoid criminal liability. Penalties for failure to do so include heavy fines and even jail time. Rakib’s letter, as quoted by RBC Crypto, states:
This document has caused a lot of confusion and questions in the digital economy business community.
The association is asking Anton Siluanov to share the proposals so that its experts can study them. Furthermore, Rakib insisted that the minister include his representatives in the working group that is drafting the law regulating cryptocurrencies in Russia. A bill dedicated to crypto mining is to be resubmitted to the State Duma along with amendments to the Criminal Code.
Do you think the Russian crypto industry association will manage to change the texts introducing criminal liability for miners? Share your thoughts on this topic in the comment section below.
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