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Several Farms For Mining Are Seized In Moscow

18:45 14/03/2019
Police Finds Mining Farms Without Owners On Moscow Market

Moscow police and soldiers of the National Guard found several farms for crypto mining in one of the capital's markets and in a shopping center, according to TASS. Currently, the law enforcers are trying to trace their owners.

 

During the raids, large amounts of cash money were seized. However, the exact figures are not disclosed. The police are now to establish the source of origin of these funds.

 

The status of mining and cryptocurrency in the Russian Federation is not determined still, as the State Duma delays the adoption of the law “On Digital Financial Assets”. But since the crypto industry continues to gain popularity among the residents, deputies make changes to existing laws from time to time.

 

Recently, the Russian government has adopted an amendment to the law regarding the legalization of incomes, which in fact prohibits money laundering through cryptocurrency exchanges. According to the new rules, if digital currencies were obtained illegally, cashing such funds would be considered money laundering and punished under the criminal code.

 

Moreover, Russian lawmakers intend to introduce mandatory user authentication for cryptocurrency operations. Traders will need to obtain specific licenses, or “visas”, for transactions, without which they will not be able to exchange funds to digital currencies within the state. Transactions involving unauthenticated users may be considered fraudulent.

 

The amendment, if approved by the State Duma, will be included in the bill on digital assets.

 

Earlier, the Cinema Foundation-backed TV series “Miners” premiered in Russia.

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