Updated Russian bill on crypto mining introduces harsh penalties for tax evasion.
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.
If the amount of unreported assets exceeds 45 million rubles in fiat equivalent , the punishment will be harsher — up to four years in prison, a fine that can reach 2 million rubles, and forced labor for up to four years, the report further detailed.Crypto mining enterprises will have two options to sell the extracted cryptocurrency — on a foreign exchange or on a Russian trading platform established under “experimental legal regimes” which are yet to be established.
Exchange operators, banks or other legal entities, will be added to a special register and any coin trading activities outside the described legal framework will be viewed as violations of the law, the penalties for which are even heavier than those prescribed for miners. “Illegal organization of circulation of digital currencies” will lead to prison sentences of up to seven years, a fine of up to 1 million rubles, and forced labor for up to five years.
In the latest version of the mining bill, the authors have also added provisions concerning the prevention of money laundering. According to the texts, cryptocurrency owners “are obliged to provide the authorized body with information on their operations with digital currency at its request.”
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