Fun

Lawmakers to Resubmit Russia’s Crypto Mining Bill, Introduce Liability for ‘Gray’ Miners

News Feed - 2023-02-26 05:02:40

Lawmakers to Resubmit Russia’s Crypto Mining Bill, Introduce Liability for ‘Gray’ Miners


The draft law legalizing cryptocurrency mining will be resubmitted to Russian parliament which will postpone its adoption, one of its sponsors announced. Members of the lower house are also working on a separate bill that will introduce liability for those who mint digital coins illegally. Adoption of Russian Crypto Mining Legislation Postponed Again


A bill designed to legalize the mining of cryptocurrencies, which was first filed with the State Duma in November, will be resubmitted to the lower house of Russian parliament after additional consultations, according to Anton Gorelkin, deputy chairman of the parliamentary Committee on Information Policy.


The lawmaker explained that the consideration of the regulations is a difficult process. “As a co-sponsor of the bill, I can confirm that it will be postponed. I hope that this year we will be able to implement it in some form,” Gorelkin elaborated, quoted by the crypto news outlet Forklog.


Russian parliamentarians and other officials have been mulling over how to regulate crypto-related operations for over a year. The law aims to recognize mining as a legitimate business activity and oblige involved entities and persons to report their income to tax authorities.


According to the draft provisions, miners will be able to sell the coins abroad or on platforms operating under special legal regimes in Russia. Despite demonstrating interest in the potential use of cryptocurrencies in international settlements amid sanctions, most government institutions in Moscow remain opposed to allowing crypto payments inside the country. Russian Authorities Want to Introduce Liability for ‘Gray’ Crypto Miners


If approved in its current version, the legislation will also prohibit the advertising or other forms of promoting crypto assets to unlimited audience. Russian lawmakers already postponed its adoption once, in December. The initial plan was to vote on the law by the end of 2022.


Besides a profitable business, the extraction of cryptocurrencies has become a popular source of income for many ordinary Russians, especially in regions maintaining low, subsidized electricity rates. But this at-home mining has been blamed for breakdowns and fires, leading to a proposal to ban it in residential areas.


Last week, the head of the Financial Market Committee at the Duma, Anatoly Aksakov, revealed that lawmakers are now preparing another bill which introduces liability for so-called “gray miners” or those who steal electricity to mint or have illegally connected their hardware to the grid. The high-ranking deputy told RBC Crypto that both laws should be adopted simultaneously in the first half of the year. Tags in this story Aksakov, bill, bills, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, draft law, gray miners, illegal mining, Law, Laws, legalization, Legislation, liability, Miners, mining, mining bill, mining law, Postponed, Regulation, Russia, russian


Do you think Russia will adopt the new crypto mining legislation this year? Tell us in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Bitcoin Mining Difficulty Reaches All-Time High as Miners Face Second-Largest Increase This Year MINING | 17 hours ago Paraguay to Become Top Bitcoin Mining Hub in Latam According to Insight Group MINING | 4 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, Route 77 / Shutterstock.com Previous articleCrypto Exchanges Allow Russians to Circumvent Sanctions, Report Alleges Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

US Seizes 18 Crypto ATMs Purchased Using Fraudulent SBA Loans — Arrests Owner
US Seizes 18 Crypto ATMs Purchased Using Fraudulent SBA Loans — Arrests Owner U.S. law enforcement has seized 18 cryptocurrency ATMs that were purchased using fraudulent loans fr
Fidelity’s Crypto Branch to Increase Staff by 70%, President Sees ‘More Interest in Ether’
Fidelity"s Crypto Branch to Increase Staff by 70%, President Sees "More Interest in Ether" According to Tom Jessop, president of Fidelity Digital Assets, the com
William Suberg11 hours agoBitcoin still beating US dollar versus ‘eggflation’ — Fed dataBitcoin is an unlikely choice for egg purchasing, but the amount needed per dozen speaks for itself.2406 Total views13 Total
Canto blames ‘secondary effects’ as chain halts again 90 mins after restart
Stephen Katte6 hours agoCanto blames ‘secondary effects’ as chain halts again 90 mins after restartThe Canto blockchain has gone down again after briefly resuming. The team is currently working on a fix for the newly
Renters Threaten US Real Estate Market, 20 Million Americans Face Eviction
Renters Threaten US Real Estate Market, 20 Million Americans Face EvictionThe aftermath of the coronavirus-provoked business shutdowns in the United States caused a number of market
Why the Counter Economy Is Necessary to Bitcoin’s Survival as a Disruptive Currency
Why the Counter Economy Is Necessary to Bitcoin’s Survival as a Disruptive Currency As Bitcoin is adopted by more and more traditional financial institutions, and becomes regul
Spain’s Second Largest Bank BBVA Launches Bitcoin Trading and Custody in Switzerland
Spain"s Second Largest Bank BBVA Launches Bitcoin Trading and Custody in Switzerland BBVA, the second-largest bank in Spain, has announced the launch of its bitc
MicroStrategy completes $800M note offering to buy more Bitcoin
Helen Partz2 hours agoMicroStrategy completes $800M note offering to buy more BitcoinMicroStrategy completes $800 million convertible note offering to acquire more Bitcoin and for “general corporate purposes.”905 Tot
Visa and Mastercard Suspend Operations in Russia as Part of Sanctions Over Ukraine
Visa and Mastercard Suspend Operations in Russia as Part of Sanctions Over Ukraine The world’s leading payment processors Visa and Mastercard have joined sanctions against R
Strategist Mike McGlone Believes Bitcoin Can Jump to $60K Resistance vs. $20K Support
Strategist Mike McGlone Believes Bitcoin Can Jump to $60K Resistance vs. $20K Support The senior commodity strategist at Bloomberg Intelligence, Mike McGlone, ha
Meet Mistcoin – The First Mineable SLP Token Implementation Launched on Bitcoin Cash
Meet Mistcoin - The First Mineable SLP Token Implementation Launched on Bitcoin CashBitcoin Cash proponents have been introduced to a new project built using the Simple Ledger Proto
Turner Wright8 hours agoCollege roommate talked to Sam Bankman-Fried about FTX’s $8B hole on a paddle tennis court: TrialAdam Yedidia, a former developer at FTX, testified regarding his knowledge of the crypto exchange