In the Russian Federation, they proposed prohibiting cryptocurrency turnover and introduce tax reports https://gagarin.news/news/bitcoin-at-ms-return-to-japan/ for miners

The State Duma of the Russian Federation registered a bill regulating mining and subsequent sale of cryptocurrencies obtained. He makes amendments to the Law “On Digital Financial Assets (TsFA) in force since January 2021”.

The requirements for the activities of miners will establish a government in agreement with the Central Bank. Control over their observance will be entrusted to the federal executive body authorized by the Cabinet of Ministers.

The document obliges individuals and legal entities to report to the tax on the obtained cryptocurrencies indicating the address of admission.

The digital currencies received as a result of mining are “subject to implementation without the use of Russian information infrastructure”, that is, they can be sold at foreign platforms. In this case, the provisions of the law on foreign exchange control are not applied to the operation.

Another method of transactions with produced cryptocurrencies is through an authorized organization as part of an experimental legal regime.

Amendments to the Law “On Tsf” also imply a ban on advertising or proposal in a different form of digital currency, goods and services for its release and circulation, while making an exception for mining. The main document previously prohibited only the distribution of information “On the proposal and acceptance of digital currency” as a means of payment.

As one of the authors of the document, the head of the State Duma committee on the financial market, Anatoly Aksakov, stated in the commentary of RBC, the bill provides for a complete ban on cryptocurrency circulation.

He added that it is supposed to introduce responsibility for using digital currencies as a means of payment within the framework of Russian jurisdiction.

The explanatory note says that the adoption of a regulatory act will smooth out legal risks and allow miners to “legally carry out activities, declare income, and also pay taxes”.

In case of adoption, the law will enter into force on January 1, 2023.

Earlier in October, the State Duma of the Russian Federation in the first reading rejected the mining bill proposed by deputies from the New People party.

Read the FORKLOG Bitcoin News in our Telegram-cryptocurrency news, courses and analytics.