- A law concerning the regulation of cryptocurrency mining was filed with the lower house of the Russian Parliament, the State Duma.
- An activity utilizing equipment and information infrastructure located in the Russian Federation resulting in the creation of virtual currency, the authors highlight about minting.
- Russian authorities have been working towards a regulatory framework for cryptocurrencies lately.
A new draft law regarding the regulation of cryptocurrency mining was filed with the State Duma, the lower house of the Russian Parliament recently.
Russian Authorities Contemplating On Crypto Space And Mining
This is highlighted on the official website of the house that the draft of the new federal law On Mining in the Russian Federation has been submitted on the 29th of April. This legislation enables a legal definition for the extraction of virtual currencies and also expects an establishment of a register for miners.
The bill focuses on bringing the crypto-related space out of the grey economy in Russia. The country seems to be quite favorable for crypto mining as it is rich in energy resources with suitable climatic conditions.
According to the authors of the bill, the minting of virtual coins is an activity utilizing equipment and information infrastructure located in the Russian Federation which results in the creation of virtual currency.
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Furthermore, they talk about the legal definitions of mining pools, circulations of digital currencies, and operators of mining facilities. The legislation also provides for the development of a dedicated register for the crypto miners to be maintained by the authorized federal body. Private individuals involved in bitcoin mining would be facilitated to get registered as individual entrepreneurs or self-employed persons if their electricity consumption exceeds the particular limits decided by the government. Only the registered ones would be allowed to mine.
If the Duma approved the legislation, an annual amnesty would be announced concerning the registered miners, in which they will be able to sort out any outstanding issues with customs clearance for imported hardware, comply with applicable regulations and pay relevant taxes. That comprises the recently adopted rules for money transfers outside the Russian Federation.
The authorities in Russia are constantly working towards a comprehensive regulatory framework for digital assets. It is to look forward to when they approve this legislation and how cryptocurrencies evolve in the country.
Source: https://www.thecoinrepublic.com/2022/05/01/bill-on-crypto-mining-regulation-in-russia-submitted-to-the-state-duma/