The Russian Parliament may impose administrative penalties for crypto mining by the end of June, as Anatoly Aksakov, the chairman of the State Duma Committee on the Financial Market, stated.
“I note that any operations with cryptocurrency that are contrary to the Russian legislation will be considered illegitimate. This means that mining, organizing issuance, circulation, creating exchange points for these tools will be prohibited. Administrative liability in the form of a fine will be incurred for such actions. We believe that cryptocurrencies created on open blockchains such as bitcoins, ethers, and others are illegitimate tools,” Aksakov stated.
Aksakov underlined that despite the ban of mining, it is not prohibited to own bitcoin if it was acquired under foreign law at foreign exchanges.
Russia’s major crypto bill, “On Digital Financial Assets” had been approved by the Russian parliament in May 2018, but was subsequently sent back to the first reading stage due to lack of major key concepts such as crypto mining, cryptocurrencies, and tokens.