Russia’s State Duma has handed a bill criminalizing illegal cryptocurrency mining in its first reading. The laws would add Article 171.6 to the Prison Code.
Miners and people offering mining infrastructure providers can be required to register in particular registries. Working with out registration whereas producing important earnings or inflicting hurt to others can be punishable by fines of up to 1.5 million rubles.
Organized teams or particularly large-scale violations would face steeper penalties — fines of up to 2.5 million rubles or up to five years in prison.
The bill additionally supplies for the seizure of property obtained by means of illegal mining, although those that voluntarily compensate for damages might be exempt from prison legal responsibility.
The federal government submitted the bill to the State Duma on March 31. In the explanatory word, the authors stated that round 50,000 people and authorized entities could also be engaged in mining in Russia, whereas just one,489 are included in the registry — making the case, they argued, for establishing prison legal responsibility for illegal mining.
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