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New Amendments in the Cryptocurrency Mining Law in Russia

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New Amendments in the Cryptocurrency Mining Law in Russia

It is reported that the legislator of an encryption mining bill aimed at regulating the continuous development of Russia now plans to resubmit it and consider amendments that will cause serious consequences to miners who do not comply with the rules. According to the amendment to the criminal law formulated by the department, if the miners fail to report their income twice within three years and the value exceeds 15 million rubles (nearly 200000 dollars), they will face up to two years’ imprisonment, a maximum fine of 300000 rubles, and even up to two years’ forced labor.

The revised Russian Encrypted Mining Act recommends that miners who evade taxes be imprisoned with a maximum term of 4 years

Analysis based on this information:


In recent news, it was reported that the Russian lawmaker of an encryption mining bill has decided to resubmit it and will be considering amendments that will have serious consequences for miners who do not follow the rules. The proposed changes are aimed at regulating the continuous development of cryptocurrency mining in Russia.

The amendment to the criminal law formulated by the department states that if the miners fail to report their income twice within three years and the value exceeds 15 million rubles (nearly 200,000 dollars), they will face up to two years of imprisonment, a maximum fine of 300000 rubles, and even up to two years of forced labor. This means that if a miner fails to report their earnings or is not following the rules, they could be subject to serious consequences, including jail time and a hefty fine.

The new regulations are expected to bring transparency to the crypto industry in Russia and make it easier for the government to monitor and regulate it. Additionally, it will also help prevent money laundering and other illegal activities associated with cryptocurrency trading.

The new crypto mining regulations have come as no surprise, as Russia’s government has been tightening its grip on the cryptocurrency market over the past few years. The government has become increasingly aware of the risks associated with cryptocurrency, such as money laundering, tax evasion, and other fraudulent activities.

In conclusion, these new regulations in Russia will provide much-needed clarity and transparency to the cryptocurrency industry. It will also hold miners accountable and ensure that they are following the rules, which will in turn help prevent illicit activities from happening in the market. However, some may argue that the regulations are too strict and may stifle the growth of the crypto industry in Russia.

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