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Russia looking at regulation of crypto mining

While the Russian crypto community is planning ways to attract investors, lawmakers are keen on the regulation of the industry. Moreover, a Russian state committee is planning on the recognition of crypto mining industry.

As per TASS news agency, Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets said, that he claimed lawmakers are considering recognizing crypto mining industry as a form of entrepreneurship. The news agency reported his claims:

“As this is a type of entrepreneurial activity, it is obviously necessary to include it into the state register, to regulate it as a type of entrepreneurship under an appropriate code, and impose relevant taxation.”

He added that the government and the Russian state committee are working on several legal initiatives related to crypto mining & industry. Moreover, they are expecting to move ahead with the bills for crypto taxation. They’ll also incorporate bills for mining and digital currency issuance in the future. Moreover, Aksakov pushed for the need to provide more regulatory clarity for digital currencies. In his words:

“We still need to discuss what digital currency actually is, although we call it currency, it is rather used as a financial instrument, or a financial asset that is a subject to investment, rather than a means of payment.”

Previously, Russia had officially adopted a basic legal framework for regulating cryptocurrencies in January 2021. They did this as a part of the law ‘On Digital Financial Assets’. However, it prohibited the use of crypto as a payment method. Later on, The Russian State Duma approved a separate bill on crypto taxation. According to the bill, users have to report their crypto transactions if it exceeds $7,800 per year.

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