- A latest draft law has replaced an earlier bill initiating a new 1 year tax customs amnesty for Russian crypto miners.
- The initial proposal was withdrawn on the basis that the tax break would gave outcome in losses for state budget.
- Russian government is also working to set up a complex legal framework for crypto assets.
No Relief For Crypto Miners in Russia
Russian regulators filed a legislation again with the State Duma modeled to regulate crypto mining. The latest draft bill submitted during April end was not withdrawn.
The revised version is missing a few provisions which would have resulted in shedding some burden on miners at the expense of the fed budget, the deputies pointed out.
On an optimistic side for the ones excavating virtual currencies, mining operators are not needed to check the fund sources of their clients under the latest regulations.
The former draft law envisaged the establishment of a unique register for the bodies involved in cryptocurrency mining as well as their temporary exemption from custom duties and taxes.
For a time span of a year, crypto miners were not needed to clear customs for hardware imported before the implication of the regulation or file tax returns the income generated from mining crypto.
The regulation was also going to relieve the of the duty to pay VAT on transactions associated with crypto mining made prior to the regulations entered into force.
These perks are not active now but the rest of the draft is alike authentic bill.
There is a usual consensus between the Moscow officials that digital assets mining, a sector in which Russia is one of the leaders globally, should be considered as a business activity and regulated.
The recent draft law signifies the process as the issuance or generation of cryptocurrencies in the Russian Federation, and utilizing this information infrastructure and with equipment functioning in the country.
The authorities in Russia are also working to set up a comprehensive legal framework for digital assets. Earlier in February, a newly formed bill On Digital Currency was put forward by the Ministry of Finance.Its primary focus is to fill the regulatory gaps left following the adoption of the law On Digital Financial Assets, that came into operation last year in the month of January.
Source: https://www.thecoinrepublic.com/2022/05/27/crypto-miners-wont-be-pardoned-russian-lawmakers/