Will the adoption of the law on mining lead to the creation of gray exchange schemes?

  • Ultramining.com
  • 19:59 Nov 18, 2022
Will the adoption of the law on mining lead to the creation of gray exchange schemes?

At the moment, there is an active discussion of the new bill, which concerns the legalization of cryptocurrency mining. The pace is fast enough, as the law may come into force as early as 2023.

However, after studying the proposed version of the document, some experts are concerned about the formation of a gray market for the exchange and withdrawal of digital currencies.

The matter is the prospect of a ban on the creation and operation of crypto exchanges and crypto exchanges in Russia. Roman Nekrasov (ENCRY):

The obligation of miners to declare and pay taxes from the sale of cryptocurrency and the introduction of a ban on its circulation looks strange. It is also likely to tighten control over transfers in banking operations. Thus, any suspicion of buying digital currencies will lead to account blocking. There is also a question of what a miner should do after selling BTC abroad: is there any obligation to go into fiat?

Sergei Mendeleev, CEO of Indefibank considers this version of the law "a ban on the profession" because too many actions after that will become illegal.

The ban on exchangers means that the sale of mined cryptocurrency will be possible outside of Russia and there are questions about how to get this money back afterward.

Maria Agranovskaya ("Grad" Association) is sure that the law in this form does not correspond to the times and trends in other countries, concerning the sphere of cryptocurrencies. Moreover, the experimental platform, on which transactions will be allowed, will lead to a monopoly in the exchange market.

Nevertheless, some experts believe that it is not the time to panic. For example, Andrei Tugarin, a representative of GMT Legal, believes that the law will be several improvements. Also, many things in the draft law have been previously voiced by regulatory authorities. For the time being, there is a need to have clear and prescribed rules.

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