EDUSELL
Financial Market Examiner
Midas Crypto Vault
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
Financial Market Examiner
No Result
View All Result
Home Crypto News

Revised Bill Suggests Prison Time for Russian Crypto Miners Evading Taxation

Admin by Admin
March 13, 2023
in Crypto News
0
Venezuela Overhauls National Crypto Department
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter
MMC MMC

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.

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.

According to amendments to the Criminal Code prepared by the department, if miners fail to report their income twice in the course of three years and the value is over 15 million rubles (close to $200,000), they will face up to two years of imprisonment, a fine of up to 300,000 rubles, and even forced labor for up to two years.

If the amount of unreported assets exceeds 45 million rubles in fiat equivalent (almost $600,000), 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.

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. This is something that the Bank of Russia has been insisting on in order to support the legalization of mining.

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 the 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.

Share on TwitterTweet
Share on Pinterest Share
Share on LinkedIn Share
Share on Digg Share
Tags: billCryptocrypto minersrussian cryptotaxation
Institutional Trading Concept Institutional Trading Concept Institutional Trading Concept
ADVERTISEMENT
Previous Post

What You Need to Know About Silicon Valley Bank Collapse

Next Post

Crypto-Friendly Signature Bank Announces Shutdown Overnight

Admin

Admin

Next Post
Venezuela Overhauls National Crypto Department

Crypto-Friendly Signature Bank Announces Shutdown Overnight

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 99 Subscribers
  • Trending
  • Comments
  • Latest
yen and dollar

FOREX-Yen Flirts With Intervention Level As Dollar See Gains

October 11, 2022
AUD USD pair

Forex: AUD/USD Point To More Downside For The Aussie

October 20, 2022
Mayowa Owolabi on battles traders need to fight

Battle Every Trader Must Fight (Part 1)- Mayowa Owolabi

August 31, 2022
Virtual stadium in the metaverse

Why Virtual Stadium Can Be the Next Big Thing in the Metaverse

January 26, 2023
EUR/USD pair

EUR/USD Recovers from 20-year Lows

2
What is Initial Coin Offering?

Initial Coin Offering (ICO)

0
What is staking?

Staking

0

Defi (Decentralized Finance)

0
Crypto Influencer Allegedly Threatened Attorney Behind FTX Class Action Suit

Crypto Influencer Allegedly Threatened Attorney Behind FTX Class Action Suit

March 22, 2023
Gisele Bündchen Says She Was Blindsided By Terrible FTX Collapse

Gisele Bündchen Says She Was Blindsided By Terrible FTX Collapse

March 22, 2023
Nvidia Teams Up With Microsoft On Industrial Metaverse

Nvidia Teams Up With Microsoft On Industrial Metaverse

March 22, 2023
CFTC Commissioner Says Congress Must Order Crypto Regulators To Cooperate

CFTC Commissioner Says Congress Must Order Crypto Regulators To Cooperate

March 22, 2023

Recent News

Crypto Influencer Allegedly Threatened Attorney Behind FTX Class Action Suit

Crypto Influencer Allegedly Threatened Attorney Behind FTX Class Action Suit

March 22, 2023
Gisele Bündchen Says She Was Blindsided By Terrible FTX Collapse

Gisele Bündchen Says She Was Blindsided By Terrible FTX Collapse

March 22, 2023
Nvidia Teams Up With Microsoft On Industrial Metaverse

Nvidia Teams Up With Microsoft On Industrial Metaverse

March 22, 2023
CFTC Commissioner Says Congress Must Order Crypto Regulators To Cooperate

CFTC Commissioner Says Congress Must Order Crypto Regulators To Cooperate

March 22, 2023
Financial Market Examiner

Get all the latest Financial Market (Crypto & Forex) news, updates and other relevant resources here.

Follow Us

Browse by Category

  • Crypto News
  • Education
  • Forex News
  • Gaming
  • Review
  • Reviews
  • Stocks
  • Uncategorized

Recent News

Crypto Influencer Allegedly Threatened Attorney Behind FTX Class Action Suit

Crypto Influencer Allegedly Threatened Attorney Behind FTX Class Action Suit

March 22, 2023
Gisele Bündchen Says She Was Blindsided By Terrible FTX Collapse

Gisele Bündchen Says She Was Blindsided By Terrible FTX Collapse

March 22, 2023

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

?>