Amendments to the Regulation of Mining Adopted in the Second and Third Reading
On October 22, the State Duma adopted Draft Law No. 638761-8 on Amendments to Certain Legislative Acts of the Russian Federation (the “Draft Law”) in the second and third reading making certain targeted changes to the previously adopted regulation of mining.

In accordance with the Draft Law:

 

  • The list of governmental agencies having access to identifier address (public key of cryptocurrency wallet) is expanded to include all federal executive authorities, prosecutor's offices, bodies of preliminary investigation and investigators as necessary to fulfill their tasks. The Government will determine the procedure for providing access to the identifier address. According to the current procedure, the identifier address may be disclosed only to Rosfinmonitoring, the Federal Security Service, the Federal Tax Service and Rosimushchestvo upon their request;

  • The Government previously required to establish the requirements for the operations of mining infrastructure operator will now have the right to do so;

  • The operator of the mining infrastructure will not be permitted to provide services to legal entities or sole entrepreneurs that are not included or are excluded from the register of persons engaged in the mining of digital currency;

  • The Register of Persons Engaged in Mining of Digital Currency and Operators of Mining Infrastructure will now be maintained by the Federal Tax Service rather than the Ministry of Digital Development;

  • The Federal Tax Service will also act as the authorized body to which any person engaged in mining of digital currency will be required to report upon the receipt of digital currency and to provide its identifier address.  The FTS will then share this information with Rosfinmonitoring and the Bank of Russia.

If the Draft Law is approved by the Federation Council and signed into law by the President of the Russian Federation, it will enter into force on November 1.

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