On July 23, a proposal to regulate digital asset mining in Russia will be voted on: the goal is to establish a clear regulatory framework.
According to the Russian news agency TASS, a bill aiming to legalize cryptocurrency mining in Russia is awaiting a vote in the State Duma, the Russian parliament, on July 23. The proposal, presented by the chairman of the State Duma Committee on Financial Markets Anatoly Aksakov, aims to establish a clear regulatory framework for mining activities.
Currently, cryptocurrency mining operates in a gray area in Russia, neither explicitly legal nor illegal. This creates uncertainties for those operating or wishing to open new mining facilities in the country.
Requirements of the legislative proposal
If enacted, the law will require miners to begin paying taxes on their incomes. Additionally, miners would be compelled to report their activities and comply with anti-money laundering protocols. The Russian anti-money laundering agency will create a list of suspicious addresses associated with money laundering and terrorist financing.
Companies and individual entrepreneurs wishing to conduct mining activities in Russia will need to register in the official registry of operators. In contrast, private individuals will be able to engage in mining within established energy consumption limits without having to register.
Miners will also be required to declare the amount of cryptocurrencies mined and to show the authorities the addresses where they are held.
The government will also have the authority to restrict mining in certain areas to prevent issues related to energy consumption.
