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Miners could face jail term if held for illegal mining of crypto in Russia

 



If you keep yourself updated with daily crypto news, then you might have come across news regarding an issue on crypto regulation in Russia that has been a topic of discussion among lawmakers in Russia. According to a report, the member of the State Duma, Andrey Lugovoy has warned miners that they would face a jail term if found practicing crypto mining unofficially.


In case there is the legalization of mining, then miners are expected to make judicious use of it before fueling their devices. And if they do not get access to it, and continue linking to the distribution network, then it will fall under the violation of Russian Federation law (both administrative and criminal). In November, Andrey made a revelation about the Russian Liberal Democratic Party, regarding the plan to introduce a draft law for crypto mining regulation. 


If this adoption gets implemented, then it will be of great benefit to the entrepreneurs in Russia to practice business legally. The State Duma member also added that mining regulation indeed makes sense. Also other than levying the different rates of electricity for the companies that practice mining. Andrey believes that there must be taxation on their profits after cost subtraction of the energy that has been utilized, and labor expenses. He also made accusations against miners for not paying taxes in using low-priced electricity. 


Besides other crypto-related topics on websites, also search for the crypto crow youtube. 


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