Russia to impose liability for illegal mining

State Duma deputy Anatoly Aksakov announced this

16.02.2023 - 16:00

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What’s new? Russia may impose liability for miners who mine cryptocurrency illegally. The corresponding draft law is planned to adopt in the first half of 2023. Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, told RBC journalists.

News on the RBC website

What else awaits Russian miners? According to Aksakov, a total of two draft laws will be adopted: on mining and on liability for “gray” mining. This is necessary for more effective implementation of the norms of the adopted documents. That said, the notion of “gray mining” is not currently enshrined in Russian legislation, as the activity itself has not been introduced into the legal framework. Miners may be punished for the lack of payments for the spent energy or for illegal connection to the power grid.

Earlier Aksakov reported that Russian traders will be obliged to register on crypto exchanges with their passports. The system of mandatory identification will be implemented in case of the legalization of crypto exchanges themselves in the Russian Federation. Deputies are discussing the introduction of liability for illegal work in the cryptocurrency market and making transfers in digital assets.

In January, the Energy Commission of the State Council of the Russian Federation proposed a complete ban on mining in residential buildings, as well as in energy-deficient regions. Restrictions could be sent to the State Duma as part of separate draft laws.

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