Amendments to Russia’s Digital Asset Law Aim to Allow Mining, Ban Crypto Exchange and Ads

2022/11/19 12:35

According to bitcoin_news,Russian lawmakers have proposed changes to the current law “On Digital Financial Assets” in order to regulate crypto mining while banning the circulation of cryptocurrencies in the country. The legislation also prohibits the non-targeted advertising of crypto-related products and services.New Attempt to Legalize Cryptocurrency Mining in RussiaAfter months of deliberations, efforts continue in Moscow to establish a more comprehensive regulatory framework for cryptocurrencies. The latest initiative in that direction comes from a group of high-profile deputies from the lower house of parliament, the State Duma, including the head of the Financial Market Committee, Anatoly Aksakov.The lawmakers have filed a bill amending the law “On Digital Financial Assets,” in force since January of 2021. The draft is meant to regulate the extraction of cryptocurrencies as well as the taxation of the generated income. It permits the sale of the minted coins “without using Russian information infrastructure” or through authorized entities operating “within experimental legal regimes.”The document introduces a detailed definition of crypto mining which makes reference to the use of computing equipment and distributed ledger technology. It also describes mining pools and obliges miners to share information with the state in accordance with the tax legislation of the Russian Federation.Under the proposed provisions, crypto mining activities will be overseen by a special government-appointed body. The executive power will also determine the requirements for legal entities or individual entrepreneurs that want to get involved in the industry in coordination with the Central Bank of Russia.

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