The Ministry of Finance of the Russian Federation has revised a draft law designed to regulate the country’s crypto space, introducing provisions for cryptocurrency mining. The bill has been resubmitted to the government and may be adopted during the parliament’s spring session.
Updated “Digital Currency” Law Filed with Russian Government
The Russian Ministry of Finance has amended a bill to implement comprehensive rules for the Russian cryptocurrency sector. The latest version now takes into account the positions announced by other government institutions on the matter, the ministry announced on Friday.
The finalized draft law “On Digital currency” has been returned to the cabinet of ministers in Moscow. The legislation, which was initially submitted to the federal government in February, aims to regulate crypto transactions in Russia as well as the activities of crypto market players. It was prepared to fill the regulatory gaps left after the adoption of the law “On Digital Financial Assets.”
According to a recent statement by Anatoly Aksakov, chairman of the Financial Markets Committee of the lower house of the Russian parliament, the new law is expected to be adopted during the spring session of the State Duma, along with amendments to the tax code. Russian regarding cryptocurrency operations. .
Certain provisions in the bill have been clarified, the Finance Ministry said, including those related to the regulation of crypto mining. While the use of bitcoin in payments has been met with opposition, most notably from the Central Bank of Russia and most recently from Prime Minister Mikhail Mishustin, many Russian officials have backed the idea to recognize mining as an economic activity.
In January, the Bank of Russia pushed for a blanket ban on a range of crypto-related activities, including mining, but the Russian government sided with Minfin that the industry should be regulated rather than restricted. President Vladimir Putin called on them to resolve their differences and highlighted Russia’s potential as a mining destination.
In February, the Ministry of Economic Development proposed to authorize the extraction of digital currencies in regions with power surplus and to offer miners acceptable electricity rates. In late March, the Ministry of Energy called for urgent legalization of mining and introduction of regional energy quotas for bitcoin farms. This week, the Ministry of Industry and Trade and the Ministry of Construction, Housing and Utilities suggested the implementation of an experimental legal regime for mining.
