A draft law designed to regulate crypto mining in Russia introduces harsh penalties for miners failing to report digital assets to the state. In its latest revision, the bill also threatens to punish those who organize illegal trading of cryptocurrencies with imprisonment and hefty fines.
Forced Labor Awaits Miners and Traders Who Operate Outside Law, According to New Bill
Russian crypto miners will have to report their income and provide tax authorities with detailed information about their digital assets, including wallet addresses, to avoid being prosecuted by the state. That’s according to draft legislation that’s currently undergoing revision in Moscow.
A bill meant to regulate Russia’s growing coin minting industry was initially submitted to parliament in November. However, its adoption was later postponed for this year and lawmakers now plan to resubmit it with amendments envisaging serious consequences for miners that don’t abide by the rules.
The Russian Ministry of Finance, which is working on the changes, now wants to introduce severe punishment for those who evade declaring their crypto. This includes fines in the millions of rubles and prison time, the online news outlet Baza reported.