Russia Is Almost Ready to Make Cryptocurrency Mining Legal

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.”

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:

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

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