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The State Duma pointed out problems in the bill on mining

The Russian State Duma has identified problems with the bill on regulating the digital asset mining industry, which has been promised for several years.

Legal Department of the State Duma of the Russian Federation issued a conclusion on the bill on regulation of mining and cryptocurrencies. The regulator pointed out that the wording was too vague and lacked clarity.

The bill on regulating mining in Russia will not be adopted soon

The document states that the vague language defining the organization of circulation of digital currency is not consistent with the provisions on a partial ban on this activity. The exception is sales of coins by miners and within the framework of experimental regimes of the Central Bank.

Conclusion on the bill on regulation of mining and cryptocurrencies in the Russian Federation. Source: Legislative support system

The second important problem is the mention of a certain “authorized body determined by the government of the Russian Federation”, which should monitor compliance with the requirements by miners. The bill does not specify what kind of body this is.

In addition, the legal department also noted that the title of the article of the bill on the introduction of registers of miners and mining infrastructure operators does not correspond to its content. This causes confusion and needs improvement.

The regulator recommended sending the bill to the Bank of Russia for approval. Previously, officials promised to move forward with the adoption of legislation to regulate mining in the spring session, which ends on August 4. Given the latest updates, the document is unlikely to be reviewed before this date.

The current version of the bill on regulation of mining and cryptocurrencies was introduced to the State Duma in April of this year. Deputies called on the government to ban the organization of cryptocurrency circulation.

However, they later clarified that a ban on the organization of cryptocurrency circulation does not mean a ban on digital assets. Restrictions will affect the creation of crypto exchanges, exchangers and platforms that will provide cryptocurrency exchange services.

In general, if the bill is adopted, Russian legal entities and individual entrepreneurs included in a special register will be able to mine cryptocurrencies. Individuals will be able to mine digital assets without being included in the registry only if they comply with government restrictions on energy consumption.

The new rules, still pending, also require miners to report the tokens mined to the tax authorities, indicating the deposit address.

The bill also gives authorities the power to ban mining in certain regions.

Source: Cryptocurrency

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