Organizations representing the Russian crypto sector have asked the government in Moscow to clarify a proposal to introduce criminal liability for “gray” miners. The bill aims to punish those who do not report their income to the state and do not share information about their digital assets.
Russian crypto companies want to join ongoing regulatory efforts
The Russian Association for Crypto Economy, Artificial Intelligence and Blockchain (Racib) asked Finance Minister Anton Siluanov to explain the ministry’s proposal to introduce penalties for cryptocurrency miners who violate the law.
In a letter to Siluanov, the trade group requested an opportunity to learn about each of the proposed amendments to the Criminal Code submitted by the Ministry of Finance, including one that would provide for the prosecution of miners for tax evasion.
Rashiv is referring to a package of texts that Deputy Finance Minister Alexei Moiseyev sent in February to the Ministry of Economic Development, the Ministry of Justice, the Federal Tax Service, the Central Bank of Russia, and other government agencies.
It requires Russian mining companies to report their income and provide detailed information about their holdings of digital assets, including wallet addresses, to the tax authorities in order to avoid criminal liability. Penalties for failing to do so include hefty fines and even imprisonment, as RBC Crypto quotes Racib’s letter as stating.
This document has caused much confusion and questions in the digital economy business community.
The association has asked Anton Siluanov to share the proposal with the association’s experts for their consideration. In addition, Racib is insisting that the minister include representatives of the association in the working group drafting the bill regulating cryptocurrencies in Russia. The bill specifically for crypto-mining will be resubmitted to the State Duma along with amendments to the Criminal Code.
Image Credits: Shutterstock, Pixabay, Wiki Commons