Russian deputies are working on framing a bill on cryptocurrency regulation that will be presented to the state parliament Duma later on. But, prior to its debate in the Duma, several changes have been made to the draft including removing the definition of cryptocurrency mining thus making taxation ambiguous for miners. There are other issues as well that continue to dog the overall acceptance of the bill.
The chairman of the relevant financial markets committee of the Duma, Anatoly Aksakov explained why the deputies removed the definition of mining in the latest edit:
“Earlier we had some thoughts on bitcoins, on their integration into our economic system. But as we decided we don’t need them, these ambiguous bitcoins, therefore we don’t need mining as well.”
But, on the other hand, miners are not being given notices of eviction so it is possible that the government is knowingly keeping things as vague as possible so that more investment can be made in the sector.
It is also not immediately clear whether ICOs and their tokens are being defined at all in the latest draft. They were included in the initial presentation to the committee but there is no guarantee of it surviving the recent edits.
The initial bill was introduced as early as January this year by the Ministry of Finance and the first draft was passed by the Duma in May. But, now crucial regulatory details are being removed from the bill as in the case of cryptocurrency mining so there is no telling what the final draft will look like. The Duma, once approves the bill will once again send it back to the deputies for the third round of edits.
Much of the new edits could be coming from the crypto lobby group Russian Union of Industrialists and Entrepreneurs (RSPP). According to the Vice President of RSPP Elina Sidorenko, the new bill will divide these assets into three groups and will help address shortfalls in the initial draft that was proposed without their input.
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