Russian Crypto Industry Queries Government About Proposed Criminal Liability for Miners

The group representing Russia’s crypto sector has requested the federal government in Moscow to make clear a proposal to introduce felony legal responsibility for “gray” miners. The draft laws seeks to punish those that fail to report their earnings to the state and share details about their digital property.

Crypto Companies in Russia Want to Take Part in Ongoing Regulatory Efforts

The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib) has requested Finance Minister Anton Siluanov to elucidate a proposal made by his division to introduce penalties for cryptocurrency miners violating the legislation.

In a letter addressed to Siluanov, the business group requests a chance to get acquainted with the respective draft amendments to the Criminal Code put ahead by the Ministry of Finance, which offer for the prosecution of miners for tax evasion, for instance.

Racib is referring to a package deal of texts despatched 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 different authorities establishments in February.

The provisions oblige mining corporations in Russia to report their earnings and supply tax authorities with detailed details about their digital asset holdings, together with pockets addresses, to be able to keep away from criminal liability. Penalties for failure to take action embrace hefty fines and even jail time. Quoted by RBC Crypto, Racib’s letter states:

This doc has prompted a whole lot of confusion and questions within the digital economic system enterprise neighborhood.

The affiliation is asking Anton Siluanov to share the proposals with it in order that its consultants can examine them. Furthermore, Racib insists that the minister consists of its representatives within the working group drafting the laws that may regulate cryptocurrencies in Russia. A invoice dedicated to crypto mining is to be resubmitted to the State Duma together with the amendments to the Criminal Code.

Do you assume the Russian crypto business affiliation will handle to alter the texts introducing felony legal responsibility for miners? Share your ideas on the topic within the feedback part under.