Russia’s Strict Measures Against Non-Compliant Crypto Miners

03/13/2023 19:25 • Tech Ticker • 145 views

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:

The message revolves around the legislative proposal of an encryption mining bill in Russia aimed at regulating the continuous development of the sector. According to reports, the legislator now plans to resubmit the bill, along with amendments that would penalize non-compliant miners severely.

The proposed amendments to the criminal law stated that miners failing to report their income twice within three years, and the value exceeding 15 million rubles, could face imprisonment of up to two years, a maximum fine of 300000 rubles, and even up to two years of forced labor.

This move by the Russian government indicates its growing concern over the use of cryptocurrency and how it impacts its economy. Regulatory measures such as this are seen as a way of ensuring that crypto-mining entities are transparent with their activities and pay their dues to the state.

Moreover, this law underscores Russia’s strict approach to non-compliance across various sectors. In recent years, the country has become increasingly strict when it comes to monitoring activities that can threaten its economy and national security. This law aims to ensure that the crypto sector in Russia operates smoothly and within the bounds of legal regulations.

Overall, this message highlights the Russian government’s efforts to regulate the encryption mining sector and penalize non-compliance severely. This move aims at ensuring transparency and accountability from the crypto-mining entities and falls in line with the state’s strict approach to non-compliance in various sectors.

Keywords:

1. Regulation: The message highlights how the Russian government aims to regulate the encryption mining sector and ensure that it operates transparently.

2. Non-Compliance: The proposed amendments indicate the government’s strict approach towards non-compliance and ensuring compliance from crypto-mining entities.

3. Consequences: The proposed consequences of imprisonment, fines, and forced labor underscore the seriousness of non-compliance with the new law.

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