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The Russian Federation has changed a draft legislation to govern the crypto area and has included regulations for crypto mining

12-Apr-2022 By: Anirudh Trivedi
The Russian Federati

On April 8, Russia's Ministry of Finance published a modification to the law aimed at enacting comprehensive rules for the Russian cryptocurrency sector. The law was amended to reflect the most recent perspectives and viewpoints of various government entities on the subject. In this context, the Russian Federation's Ministry of Finance has altered a draught bill intended to regulate the Russian crypto space. The updated proposal now includes regulations for bitcoin mining. The updated law has been resubmitted to Moscow's cabinet of ministers for review, and it may be enacted during the spring session of the parliament.

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.