An earlier bill that provided a tax- and customs exemption for Russian cryptocurrency miners has been replaced by a new draft law. Because the initial proposal would have caused losses to the state budget, the original proposal was withdrawn.
Russian Parliament Receives Revised Crypto Mining Law Without Amnesty For Miners
Russian legislators have filed a new bill with the State Duma to regulate cryptocurrency mining. A bill that was submitted in April has been replaced by the new draft. This legislation is now withdrawn.
According to the deputy, some provisions in the amended version that would have helped reduce the tax burden for miners are missing. This is at the expense the federal budget. The new rules will allow mining operators to not have to verify the source of the funds for their clients, which is a positive thing for anyone who extracts digital currency.
In the previous draft law, it was proposed to establish a special registry for crypto-mining entities and temporary exempt from customs and taxes. Miners would not be required to declare income from crypto mining or clear customs duties for hardware imports during the one-year period.
They would also be exempted from the VAT obligation on any transactions involving the mining and storage of digital currency. The benefits have now been lost, but the remainder of the bill is identical to the original bill as crypto news outlets Forklog or RBC Crypto reported.
Moscow officials agree that cryptocurrency mining should be recognized and regulated as a business activity. Russia is an international leader in this field. According to the latest draft of law, the Russian Federation can issue or generate digital currency using its infrastructure. It also has equipment that is used in this country.
Russian authorities are working on a global legal framework to support cryptocurrencies. A new bill “On Digital Currency” was presented by the Ministry of Finance in February. Its main purpose is to fill the regulatory gaps remaining after the adoption of the law “On Digital Financial Assets,” which came into force in January last year.
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