Russian parliamentarians want changes to current law I suggested. A digital financial asset to regulate cryptocurrency mining while banning the circulation of cryptocurrencies within the country.” The law also prohibits non-targeted advertising of crypto-related products and services.
New attempt to legalize crypto mining in Russia
After months of deliberation, Moscow establishes a more comprehensive regulatory framework for cryptocurrencies Efforts to do so are continuing. The latest initiative in that direction comes from a group of prominent members of the House of Commons, the State Duma, including Anatoly Aksakov, chairman of the Financial Markets Committee.
MPs introduced a bill to amend the Digital Financial Assets Act, which is in effect from January 2021. The draft aims to regulate cryptocurrency extraction and the taxation of income generated. It allows the sale of minted coins through licensed entities operating “without the use of Russia’s information infrastructure” or “within an experimental legal regime.”
This document introduces a detailed definition of cryptocurrency mining that refers to the use of computing equipment and distributed ledger technology. It also describes mining pools and obliges miners to share information with the state in accordance with the tax laws of the Russian Federation.
Under the proposed provisions, cryptocurrency mining activities will be overseen by a special agency appointed by the government. The executive branch also works with the Central Bank of Russia to determine the requirements for legal entities or individual entrepreneurs wishing to participate in the industry.
Legislation sponsors seek to block widespread provision of virtual currency services
Advertisements or other forms of promotion of assets to an unlimited audience are prohibited. The ban refers to widespread, non-targeted advertising of products and services related to the issuance and distribution of cryptocurrencies like Bitcoin, with the exception of mining.
According to Russian cryptocurrency news outlet Bits.media, this means that commercial cryptocurrency activities, such as exchanges, are exempt from the law and peer-to-peer exchanges should be allowed. It means that there is
Forklog noted in its report that the previously introduced restrictions only pertained to the dissemination of information regarding the offering and acceptance of digital currencies as a means of payment. Another mining bill introduced in the House of Representatives in late October allows its use in cross-border payments amid sanctions.
The most recent bill was adopted in December, 2023. It will come into force on January 1, 2019, announced Anatoly Aksakov. In early November, he revealed that Russian authorities plan to “allow mining of any cryptocurrency.”
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