In less than a month, the cryptocurrency mining bill submitted to the Russian parliament missed some key points, such as the obligation for miners to register in a special program and one year tax amnesty for all those who signed up. Rationally, the previous project would have resulted in losses to 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 contains some important changes from the previous version, presented by the co – authors on 29 April.
Although the text has not changed much, the new draft does not include the section on a minor register, which companies should register in order to continue their activities. In the latest version, to start mining, companies would have to register as sole or independent proprietors. Companies would follow a standard company registration procedure.
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Another correction deleted a tax amnesty promise during the first year of registration. The grace period would cover the clearance of mining equipment, any profits made before the law was passed, and any violations of strict limits on foreign money transfers taken by the Russian government on March 8. As local media noted, in its review of the project, the State Duma’s legal department criticized the registry and tax amnesty initiatives, saying they could “eventually incur costs in the federal budget.”
On April 7, the leader of the State Duma Financial Markets Committee, Anatoly Aksakov, indicated that amendments to the federal tax code on cryptocurrencies are expected to be adopted by the end of the summer parliamentary session. It is unclear whether they will take into account mining specifications.
