Russian Cryptocurrency Firms Are Interested In Participating In Ongoing Regulatory Efforts
The Russian Association of Cryptoeconomics, Artificial Intelligence, and Blockchain (Racib) has requested an explanation from Minister of Finance Anton Siluanov on a suggestion made by his office to impose penalties for illegal cryptocurrency miners.
The business association writes to Siluanov asking for the chance to familiarize itself with the relevant draft revisions to the Criminal Code put out by the Ministry of Finance, which, for instance, allow for the prosecution of miners for tax evasion.
Racib is referring to a collection of documents that deputy finance minister Alexey Moiseev delivered in February to the federal tax service, the central bank of Russia, the ministry of economic development, the ministry of justice, and other government agencies.
To avoid legal repercussions, the regulations require Russian mining businesses to disclose their earnings and to give tax authorities comprehensive information about their digital asset holdings, including wallet addresses. Failure to do so might result in severe fines and possibly jail time. According to Racib's letter, which RBC Crypto cited:
"This document has caused a lot of confusion and questions in the digital economy business community."
In order for its specialists to review the suggestions, the group is requesting that Anton Siluanov share them with them. Racib further demands that the minister assign its members to the working committee crafting the legislation that would oversee cryptocurrencies in Russia. Together with the changes to the Criminal Code, a law pertaining to cryptocurrency mining will be resubmitted to the State Duma.