Russia Is Almost Ready to Make Cryptocurrency Mining Legal

Russia Is Almost Ready to Make Cryptocurrency Mining Legal

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Legislators in Russia are inching closer to legalizing crypto mining, and they might begin permitting industrial miners to operate as bona fide “entrepreneurs” as early as next month. This would be a significant step toward achieving their goal of legalizing crypto mining.

In a statement made the previous month, Anatoly Aksakov, who is in charge of the State Duma’s Committee on the Financial Markets, said that a measure will be read in parliament “in December.”

A prior proposal for a bill that was almost similar was shot down by the MPs. However, the latest draft of the bill seems to take a quite different approach. In contrast to the previous measure, which was written by a tiny group of opposition MPs, this new bill looks to have the support of the majority of the country’s key ministries, as well as the Central Bank, which is an outspoken opponent of cryptocurrencies.

Although the bank has frequently advocated for a ban on cryptocurrency on Russian territory, it now seems to have come to the conclusion that miners should be permitted to operate freely inside the country. The bank has indicated that it would allow the transaction, but this is subject to the stipulation that miners will not “introduce” their tokens “into the Russian economy.”

What Kinds of Roadblocks Does Russia Still Face in Its Attempt to Make Crypto Mining Legal?

IXBT reported that Aksakov had said that the measure had been successfully presented to parliament in the middle of November and that it had already cleared the committee stage. Aksakov’s comments were included in the article. The next action would be a formal vote, which would be followed by a second reading of the document. If these votes can be held within the next two weeks, there will be sufficient time for the presidential office to sign off on the legislation and publish it in the official government gazette. If these votes cannot be held within the next two weeks, the bill will not be passed.

That would suggest that the legislation may potentially go into effect as early as January 1, 2023, provided that there are no complications that arise at the very last minute.

Aksakov admitted that the measure has already undergone “editing” at the hands of several government agencies and regulatory organizations. But he continued by saying that the legislation was now “agreed upon” by committees, one of which was his own.

He stated:

“I will say that there are no irreconcilable disagreements [between government organs and regulators] on this bill. In terms of the positions of the Central Bank and the Ministry of Finance, they are in agreement. But other departments are also involved in this procedure. It is now a matter of time. Let’s hope that, in a matter of days, we will be able to regulate [crypto mining].”

The Ministry of Industry and Trade of Russia wants to tax Russian industrial players on their earnings after allowing them to mine coins. They believe this will help generate a significant amount of tax revenue.

Compiled by Coinbold