Russian Crypto Industry Queries Government About Proposed Criminal Liability for Miners

An organization representing the Russian crypto sector has asked the Moscow government to clarify the 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.

Crypto companies in Russia want to take part in ongoing regulatory efforts

Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Ratsib) asked Finance Minister Anton Siluanov to explain the proposal made by his department to introduce fines for cryptocurrency miners who violate the law.

In a letter addressed to Siluanov, the industry organization asks for an opportunity to get acquainted with the relevant draft amendments to the Criminal Code, put forward by the Ministry of Finance, which provide for the involvement of miners, for example, in liability for tax evasion.

Ratsib is referring to a package of texts sent by Deputy Finance Minister Alexei Moiseev to the Ministry of Economic Development, the Ministry of Justice, the Federal Tax Service, the Central Bank and other government agencies in February.

The regulations oblige mining companies in Russia to report their earnings and provide tax authorities with detailed information about their digital assets, including wallet addresses, in order to avoid criminal liability. The penalties for failing to comply with this requirement include hefty fines and even imprisonment. Ratsib’s letter, quoted by RBC Crypto, states:

This document caused a lot of confusion and questions in the business community of the digital economy.

The association asks Anton Siluanov to share his proposals with her so that her specialists can study them. In addition, Ratsib insists that the minister include his representatives in the working group to develop a bill that will regulate cryptocurrencies in Russia. The bill on cryptocurrency mining will be resubmitted to the State Duma along with amendments to the Criminal Code.

Do you think the Russian Crypto Industry Association will be able to change the texts introducing criminal liability for miners? Share your thoughts on this subject in the comments section below.

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