Cryptocurrency exchange in Russia will be punishable by 7 years in prison

The Ministry of Finance of the terrorist state plans to imprison all «gray» miners, as well as those who exchange cryptocurrencies. The ministry also proposes to imprison miners if they do not declare their income.

According to the updates made to the mining bill, cryptocurrency owners are obliged to inform the Russian tax authorities about the virtual assets they have received, indicating the address of their crypto wallet. If a miner refuses to provide the data or fails to do so within the specified timeframe, he or she will be held criminally liable.

If the miner fails to file a tax return at least twice within three years and his income exceeds 15 million rubles, the cryptocurrency owner will be sent to prison for two years, fined several hundred thousand rubles, and sentenced to forced labor. If he manages to earn more than 45 million rubles during this period, the prison term and the period of forced labor will double, and the fine will increase to 2 million rubles.

Miners in Russia can also be punished for violating the rules of cryptocurrency trading. According to the draft law, digital assets can be sold on foreign exchanges or a domestic experimental platform. If the Russian chooses another way, he will face arrest for 7 years, a substantial fine, and 5 years of forced labor.

As a reminder, yesterday it became known that the crypto exchange Binance has banned the purchase and sale of foreign currency through a P2P service. The company explained its actions by the introduction of the tenth package of EU sanctions against the Russian invaders. In addition, the exchange does not allow EU citizens to buy and sell Russian rubles via P2P.