Russia Set to Fine, Confiscate Coins from Illegal Crypto Miners

Russia Set to Fine, Confiscate Coins from Illegal Crypto Miners

Russia floats fines and seizures as punishment for illegal miners and crypto payments

Authorities in Russia prepare to slap hefty fines on miners minting digital currencies outside the law, following the recent bust of large-scale illegal mining operations in Siberia. The penalties will be introduced through legislative changes, the authors of which have also taken the opportunity to target the use of cryptocurrencies for payments. In both cases, offenders may expect to have their coins seized by the state. ‘Gray’ miners to pay u…

Russia Gets Tough On Crypto Miners—Illegal Operations Face Asset Seizures - Coin Surges

Russia is gearing up to crack down hard on anyone mining cryptocurrencies without permission. Courts could grab miners’ coins and hand out big fines if a new set of rules moves forward. The plan comes from the Ministry of Digital Development, Communications, and Mass Media and is now under review by other government agencies. Mining Rules Tightened Based on reports, individual miners who break the rules could face fines of 100,000 to 200,000 rub…

Russia Gets Tough On Crypto Miners—Illegal Operations Face Asset Seizures

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Russia is gearing up to crack down hard on anyone mining cryptocurrencies without permission. Courts could grab miners’ coins and hand out big fines if a new set of rules moves forward. The plan comes from the Ministry of Digital Development, Communications,...

Russia moves to seize crypto, slap fines on illegal miners under new law

Draft law seeks to punish crypto payments made outside Central Bank sandbox with hefty fines and seizures.