Anatoly Aksakov: “The bill on mining in Russia will come into force in July”

The head of the State Duma Committee on the financial market, Anatoly Aksakov, said that the law on mining and international transactions with cryptocurrencies will be adopted in the first half of 2023, and will enter into force in July.

The bill is currently under development - for Russian miners, liability for non-compliance with the law will be prescribed, and this requires amendments to the Criminal Code. Miners will be required to declare income from the production of cryptocurrencies, record the turnover of digital assets and provide reporting.

“Either you work according to the law, or you don’t work in this area at all,” the deputy stressed.

The document also clarifies the rules for regulating cross-border transactions with cryptocurrencies. As Aksakov noted, there are no plans to change tax legislation - tax rates will correspond to ordinary business and depend on the tax regime in which the company operates.

Already, some firms and even individuals pay contributions to the budget for operations with digital assets. So far, such contributions have been made on a voluntary basis.

Earlier it was reported that the Ministry of Finance of the Russian Federation proposed to introduce criminal liability for miners for tax evasion and violation of declarations.