Russian Crypto Industry Queries Government About Proposed Criminal Liability for Miners – The Russian Association for Cryptoeconomics, Artificial Intelligence, and Blockchain (Racib) has requested an explanation from Finance Minister Anton Siluanov over a proposal by his department to create penalties for cryptocurrency miners who violate the law.
In a letter addressed to Siluanov, the industry association demands the opportunity to review the Ministry of Finance’s proposed revisions to the Criminal Code, which include provisions for the prosecution of miners for tax evasion.
In February, Deputy Finance Minister Alexei Moiseev submitted a bundle of texts to the Ministry of Economic Development, the Ministry of Justice, the Federal Tax Service, and the Central Bank of Russia, among other government organizations.
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In order to avoid criminal liability, the regulations require Russian mining businesses to record their profits and supply tax authorities with comprehensive information about their digital asset holdings, including wallet addresses. Failure to comply is punishable by substantial fines and possibly imprisonment.
Quoted by RBC Crypto, Racib’s letter states: “This document has caused a lot of confusion and questions in the digital economy business community.” The group is requesting that Anton Siluanov share the proposals with it so that its specialists can evaluate them.
In addition, Racib insists that its representatives be included in the working group that will create the law which would regulate cryptocurrencies in Russia. The revisions to the Criminal Code will be resubmitted to the State Duma alongside a bill pertaining to crypto mining.