Friday, December 1, 2023

In Russia, a new law has been created to control crypto mining. If miners don’t tell the government about their digital money, then they could be punished severely. Additionally, if somebody organizes illegal trading with cryptocurrencies, they might even go to jail and have to pay lots of money.

Be Careful Not to Break the Rules

Russian crypto miners must tell their government what money they have earned and give them lots of information about their digital assets, like wallet addresses. This is so the government knows what the miners have and can’t punish them. The law that says this is still being worked on in Moscow.

In November, a new law was created to help manage the growth of Russia’s coin minting industry. Unfortunately, it was put off till later this year and now there will be stricter rules for miners who don’t follow these guidelines.

The Russian government is working on plans to punish people who don’t declare their cryptocurrency (like Bitcoin). They will have to pay a lot of money or go to prison. This means if you have cryptocurrency, you must tell the government about it – or face serious consequences.

If miners don’t report their wages after making more than 200 thousand dollars twice in three years, they can get two years in jail, up to 300,000 in fines or even two years of hard labor.

If someone has more than $600,000 worth of money hidden away that they did not report, the punishment can be really serious. It may involve up to 4 years in jail, a fine of up to 2 million dollars and they’ll have to do forced labor for up to four years too.

Crypto Miners in Russia

Crypto miners can choose to sell their cryptocurrency on a foreign exchange or on a Russian trading platform. The Bank of Russia is pushing for this rule in order to make mining legal.

Banks and other legal entities will be recorded in a special list. If someone trades coins outside of the set rules, they could be punished with bigger fines or sent to prison for up to seven years, pay 1 million rubles as a fine and do forced labor for up to five years.

The latest version of the mining bill includes rules about not letting people use cryptocurrency to do bad things like money laundering. It means that people who own cryptocurrency now have to give information to the authorities if they are asked for it.

What do you think about these new laws on crypto mining in Russia? Do you agree or disagree? Let us know in the comments section.

Pictures used for this passage were taken from Shutterstock, Pixabay, Wiki Commons and Akimov Igor / Shutterstock.com.

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