The Russian Ministry of Finance wants to ban crypto miners from receiving token rewards leading to what newspaper Izvestia has called “a de facto ban on the circulation of cryptoassets in Russia.”
The newspaper said it has seen Ministry of Finance-drafted legislation proposals pertaining to a forthcoming crypto law that politicians claim may be ready for parliamentary debate as early as this month.
However, it may still be too early to ring the alarm bells, however, as the document appears to be a consultation paper that is awaiting legal review.
In either case, the measures have already been met with resistance from the industry. Moscow resident and crypto investment advisor Dmitriy Zaikov spoke to Our, stating,
“The wording of the document does not bode well for miners, since it is not clear how they would receive remuneration [under the proposals].”
Monthly share of total Bitcoin hasrate in April
In fact, the proposals appear to go a step further than simply limiting crypto mining – and would seek to prohibit companies and individuals from “performing any transactions with cryptoassets,” per the Izvestia journalists, with the exception of three instances.
The ministry appears to be content to allow crypto inheritances, and will also allow creditors to obtain assets in bankruptcy proceedings. Courts and law enforcement agencies would also be allowed to confiscate crypto funds as part of legal proceedings.
Readers might also recall that another strong-worded crypto crackdown-advocating proposal was shot down in May this year following industry and government pushback, while a local industry insider has previously told Our that a definitive crypto law for Russia may take a year or more to materialize.