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A bill designed to regulate cryptocurrency mining in Russia introduces harsh penalties for miners who fail to report digital assets to the country. In its latest revision, the bill threatens to punish those who organize illegal cryptocurrency trade with imprisonment and large fines.
Forced labor awaits miners and traders working illegally, according to new bill
Russian crypto miners must report their income and provide tax authorities with details about their digital assets, including wallet addresses, to avoid prosecution by the state. This is due to a bill currently being amended in Moscow.
A bill intended to regulate Russia’s growing coin minting industry was first introduced to parliament in November. However, its adoption was later postponed until this year, and lawmakers now plan to resubmit it with amendments expected to have serious consequences for miners who do not follow the rules.
The Russian Ministry of Finance, which is working on changes, wants to introduce harsher penalties for those who evade declaring cryptocurrencies. This includes fines of millions of rubles and imprisonment, the online news outlet Baza reported.
According to an amendment to the penal code made by the bureau, miners who fail to report their income twice in three years and whose value exceeds 15 million rubles (nearly $200,000) face up to two years in prison. Become. Fines up to 300,000 rubles and even forced labor for up to two years.
If the amount of unreported assets exceeds 45 million rubles (approximately $600,000) in legal tender, the penalties are even more severe, with imprisonment up to 4 years, fines up to 2 million rubles, and imprisonment up to 4 years. labor is imposed. I will report in more detail.
Updated Law Takes Tougher Stance Against Crypto Trading
Cryptocurrency mining companies have two options for selling the cryptocurrencies they extract. It is forex, or a Russian trading platform established under an “experimental legal system” that has not yet been established. This is what Bank of Russia has been advocating to help legalize mining.
Exchange operators, banks, or other legal entities have been added to the special register, and any coin trading activity outside the legal framework described is considered a violation of the law, and penalties for it are higher than those stipulated for miners. It becomes even heavier. “Illegal organization of digital currency circulation” leads to imprisonment of up to 7 years, a fine of up to 1 million rubles, and forced labor of up to 5 years.
In the latest version of the mining bill, the author also added a provision on preventing money laundering. According to the text, cryptocurrency holders “are obliged to provide information on their operations (transactions) in digital currency to authorized authorities upon request.”
What do you think about the new amendments to the Russian bill on cryptocurrency mining? Share your thoughts on the matter in the comments section below.
image credit: Shutterstock, Pixabay, Wiki Commons, Akimov Igor / Shutterstock.com
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