The lower house of the Federal Assembly of Russia, the State Duma, has backtracked on plans to grant a year-long tax amnesty on cryptocurrency minors in the country.
Crypto miners in Russia face several last-minute changes to the anticipated legal situation as a recently proposed bill to regulate the activity has been overhauled.
Originally, the bill was supposed to exempt miners from taxation for at least one year but this has now changed to an immediate taxation mandate.
Despite the taxation being reintroduced, there have been other changes which may be more welcome.
For example, under the previous version of the bill, crypto mining companies were going to be required to register before they could operate or take advantage of the now defunct tax breaks.
Under the new bill the registry has been scrapped and instead companies must register as proprietor or self-employed to start mining. It has been billed as making it easier for such businesses to set up and start operating.
The tax grace period has been axed as the ruble is still holding strong against Western-led sanctions, but additional sources of funding may be welcome as oil and natural gas exports are expected to start drying up.
These changes are not entirely unexpected as the original draft of the bill was heavily criticized when it was first introduced back in late April.
Both the tax amnesty measure and registration process came under fire from prominent lawmakers who were joined by others in delivering the final version of the bill.
Some changes to the federal tax code, possibly involving cryptocurrencies, are also expected to be coming soon.