Russia’s Ministry of Digital Development opposes the draft law on mining

The department called the inability to set the rights and obligations of all participants of cryptocurrency mining mentioned in the draft law a drawback

31.07.2022 - 07:30

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What’s new? The Ministry of Digital Development, Communications and Mass Media of Russia has opposed the draft law “On Mining in the Russian Federation,” prepared and submitted to the State Duma by deputies from the New People faction, Interfax reports. The draft negative review took into account suggestions from the Federal Taxation Service, the Federal Financial Monitoring Service, the Ministry of Justice, and the Ministry of Economic Development. It is noted that the draft law does not provide for full regulation of the circulation of digital currency in the Russian Federation and the requirements for crypto platforms.

Information on the Interfax website

What does the draft review say? A drawback was called the inability to set the rights and obligations of all participants of mining mentioned in the draft law (operator, individuals, participants, exchange platforms). The draft law does not specify the accounting of crypto mining entities and equipment, and there are actually no requirements for the activities of the mining operator.

According to the source, the authors of the review drew attention to the inconsistency of the norms of the draft law with the Tax Code, regulatory legal acts in the field of electric power, and other documents, considering it necessary to adjust the draft law. They proposed to specify in it the obligations of the mining operator to transmit information about the mined currencies and contracts with the exchange operators to the Federal Taxation Service.

According to the draft law proposed by deputies from the New People party on April 29, individuals would be allowed to engage in cryptocurrency mining, subject to registration as an individual entrepreneur or self-employed person. Miners would have to record the cryptocurrencies mined, their types, contracts with users, and crypto providers or financial institutions.

In May, deputies from the New People party also submitted a draft law to the State Duma that proposed recognizing NFTs as intellectual property.

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