In less than a month, the crypto mining bill in the Russian parliament has lost several key points, such as the obligation for mining operators to register in a special registry and a one-year tax amnesty for all those who have registered. . According to the reasoning, the previous project would cause losses in the federal budget.
The new draft law “On mining in the Russian Federation”, dated May 20, appeared in the database of the lower house of the Russian parliament, the State Duma. The document drops several significant changes from the previous version, submitted by the co-sponsors on April 29.
Although the text remains largely unchanged, the new draft lacks the subsection on a registry of mining operators, which companies would have to adhere to in order to continue working. In the latest version, to start mining, crypto mining companies would have to register as sole proprietors or freelancers. Companies would follow a standard procedure for business registration.
Another correction removed the promise of tax amnesty during the first year of registration. The grace period was to apply to customs clearance of mining hardware, to all profits made before the law was passed, and to possible violations of the strict limits on money transfers abroad that the Russian government adopted on 8 of March. As quoted by local media, in its review of the bill, the Duma’s legal department criticized the registration and tax amnesty initiatives, stating that they could “cost the federal budget.”
On April 7, the head of the State Duma’s financial markets committee, Anatoly Aksakov, revealed that cryptocurrency-related amendments to the federal tax code are expected to be approved by the end of the summer parliamentary session. It is unknown if they will include any specifications related to mining.
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