In a significant move to regulate the burgeoning cryptocurrency sector, the Russian Ministry of Justice has unveiled a draft bill aimed at curbing unregistered mining activities. The document provides a justification for the fact that this legislation seeks to impose hefty fines and potential prison sentences on those who engage in illegal mining operations.
Proposed Bill on Unauthorized Mining
The proposed bill outlines fines that could reach as high as 25 million rubles for individuals and entities found guilty of unauthorized mining. Additionally, offenders may face imprisonment, reflecting the government's serious stance on this issue.
Concerns Over Unregulated Mining Activities
This initiative follows concerns expressed by the finance minister regarding the increasing prevalence of unregulated mining activities across the country. As of June 19, only 30 mining operations have registered. This underscores the urgent need for a comprehensive regulatory framework to manage the sector effectively.
Recently, South Korea's Financial Intelligence Unit imposed a significant fine on the crypto exchange Korbit for serious compliance violations, highlighting ongoing regulatory challenges in the sector. For more details, see Korbit fined.
