Russia Plans to Impose Criminal Penalties on Unregistered Crypto Miners

BlockBeats News, December 30th: According to a new draft amendment to the Russian Criminal Code revealed on Monday, the Russian Ministry of Justice has proposed a maximum fine of 1.5 million rubles (approximately $19,000) and up to two years of forced labor for illegal cryptocurrency mining. For cryptocurrency mining activities involving substantial profits, the maximum penalty can be up to five years of imprisonment, 480 hours of forced labor, and a maximum fine of 2.5 million rubles. Unregistered "organized groups" engaged in illegal mining for substantial profits may face a maximum fine of 2.5 million rubles or five years of forced labor or imprisonment.

Russian Deputy Finance Minister Ivan Chebeskov stated that as of June 19th, only about 30% of cryptocurrency miners have registered and are engaged in legal mining operations.