In a significant move to regulate the burgeoning cryptocurrency sector, Russian lawmakers have proposed a new bill targeting illegal mining activities. According to the results published in the material, this legislation aims to curb unregistered operations and those that exceed designated energy consumption limits.
Introduction of New Bill
The bill, introduced on January 19, 2024, outlines fines ranging from 100,000 to 150,000 rubles for first-time offenders, with penalties increasing substantially for repeat violations.
Addressing Tax Losses
Lawmakers believe that these measures are essential to address the estimated 100 million rubles in annual tax losses linked to illegal mining activities in the country.
Goals of Stricter Regulations
By enforcing stricter regulations, the government hopes to bring more transparency and accountability to the cryptocurrency mining landscape.
In a related development, the Russian telecom regulator, Roskomnadzor, has announced plans to invest over 23 billion rubles in AI tools to enhance internet censorship, which may impact cryptocurrency users. For more details, see further information.
