The State Duma has approved in the first reading the bill on the regulation of cryptocurrency mining. Miners will be required to register in the state register and declare income, and the law will ban cryptocurrency advertising in Russia.
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State Duma deputies approved in the first reading a bill to regulate cryptocurrency mining in Russia. The document was published in the legislative support system.
According to the bill, miners (legal entities and individual entrepreneurs) will have to register in a special state register. Individual miners do not have to register if the amount of electricity they consume does not exceed the limits.
Income from mining (cryptocurrency) will need to be declared. Rosfinmonitoring will keep a log of transaction ID addresses to combat money laundering. It will be allowed to sell the received cryptocurrency, but without using the Russian financial infrastructure.
Miners will be prohibited from combining mining activities with activities related to the distribution and purchase and sale of electricity. In Russia, cryptocurrency advertising will also be prohibited by law.
If the bill is finally approved, it will come into force on September 1, 2024.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
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