Russian Duma organized a working group to tackle crypto mining regulations

Some regulators believe that a lack of clear legal guidelines for the enterprise is assisting crypto miners avoid paying taxes.

The Russian State Duma has created a working crew that will address the intricate problem of forming guidelines for the cryptocurrency mining industry.

According to a legitimate announcement on Nov. 11, State Duma Chairman Vyacheslav Volodin prompted the legislature to create a group that will tackle regulatory gaps in the industry.

The team used to be shaped following a declaration by Andrei Lugovoy, the First Deputy of the Representative Committee on Security and Anti-Corruption.

Lugovoy — a member of the right-wing Liberal Democratic People’s Party — said Thursday that deputies have already written a draft consignment which they will introduce in the Duma “without fail.”

The deputy stated that the be counted of Bitcoin (BTC) mining law has become unavoidable, claiming that crypto miners earn $2 billion per year in the country, supposedly at the expense of the population, on which the miners pay no taxes. Lugovoy added:

“Due to the lack of rules on the manufacturing of cryptocurrency, regulation enforcement corporations generally fall into a lifeless end, when you consider that they can’t establish signs and symptoms of a crime in man or woman things to do and make the integral procedural decisions.”

As mentioned by means of nearby commercial enterprise booklet RBC, in September, Anatoly Aksakov — chairman of the Russian State Duma Committee on Financial Markets — recommended that the Duma alter crypto mining beneath the legal guidelines governing entrepreneurial activities.

Just until now this week, the Ministry of Economic Development and the Ministry of Energy voiced their assist for Aksakov’s plans, while the central financial institution — the Bank of Russia — remains adverse on the grounds that it cannot assist initiatives that would give birth to new “monetary surrogates.”

As in the past cited by Volodin, the trouble of crypto mining in Russia has certainly emerge as urgent, as miners relocate to the united states from China. Russia, along

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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