These procedures will be followed by the Russian crypto law, which will include the following amendments:
As per Anatoly Aksakov, chairperson of the Financial Market Committee in Russia's lower house of parliament, the new law would most likely be implemented during the State Duma's spring session, together with modifications to the Russian Tax Code dealing with cryptocurrency activities.
The presently amended 'On Digital Financial Assets' law, aiming to legalese cryptocurrencies, legislate cryptocurrencies trades and monitor the crypto market, It was first proposed to the Federal government in February.
The provision for cryptocurrency mining has been addressed in the proposed policy. The mining clause was included in response to concerns voiced by several officials of major ministries who support the notion of recognizing cryptocurrency mining as an entrepreneur under Russian law and taxing it suitably.
Officials feel that the legislative change will help both the state and the cryptocurrency business.
In late March, the Deputy Minister of Energy asked for the mining sector's regulatory vacuum to be filled as quickly as reasonably practicable
The Minister advocated for the implementation of regional energy quotas for bitcoin farms.
The Ministry of Industry and Trade proposed an experimental legislative framework for mining in April.