Bitcoin (BTC) And Bitcoin mining unable to come to a full decision on Russia’New developments continue to occur in these matters.
According to the Chinese journalist Wu Blockchain, who shared the news of Russia’s local news agency newizv.ru, Ministry of Finance of Russia It has drafted an amendment to the Penal Code that calls for more severe penalties, such as jail time, for Bitcoin miners who do not comply with tax reporting obligations.
The Russian Ministry of Finance has drawn up draft amendments to the Penal Code, calling for weight penalties, up to 4 years in prison, for bitcoin miners who ignore requirements to evade taxes. https://t.co/KqufcSAELk
— Wu Blockchain (@WuBlockchain) March 16, 2023
In the bill, it is stated that Bitcoin mining organizations will have to report their tax revenues and if they do not comply with this requirement, they will be prosecuted for tax evasion under Article 199 of the Criminal Code of the Russian Federation.
In the bill, those who do not comply with the tax obligation are sentenced to up to 4 years in prison.
In the news, it was stated that the bill, which includes the penalties foreseen by the Ministry of Finance for the miners, was submitted to the approval of the Ministry of Economic Development, the Ministry of Justice, the Federal Tax Office and the Central Bank.
After these developments, the Russian Crypto Industry and Blockchain Association (RACIB) wrote a letter to Finance Minister Anton Siluanov.
RACIB has asked the ministry to clarify its proposal to introduce new criminal penalties for miners who evade taxes.
RACIB also asked the minister to include RACIB representatives in its working group on the development of legislation to regulate cryptocurrencies and mining.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!