despite previous indications to vote on the proposal in December 2023. The bill is expected to set rules for the extraction and sale of cryptocurrencies in Russia at a time when sanctions limit Russia’s access to international finance and markets.
Russia’s new cryptocurrency mining law has not yet been fully approved
Members of the House of Representatives The bill will be considered and voted on in 2023 in the Russian Federation, Financial Markets Committee Chairman Anatoly Aksakov announced in comments to the cryptocurrency section of the business news portal RBC.
A senior lawmaker who has been closely involved in efforts to regulate Russia’s crypto space explained that the proposed law would require additional approval. He was probably referring to the coordination of the positions of various regulators involved in the process. have introduced amendments to the law. The latter will come into force in January 2021 and only partially regulates crypto-related activities.
Mining, where Russia has competitive advantages such as low-cost electricity and a cool climate, is a growing industry and an additional source of income for many amateur miners, especially It is widespread in energy-rich regions of the country. area.
Throughout the year, Russian government agencies have considered ways to extend the current regulatory framework to cover cryptocurrency operations. Most officials remain opposed to allowing the free circulation of Bitcoin and other items within Russia, but amid financial restrictions imposed over the war in Ukraine, it is not possible to allow cross-border payments. The use of Bitcoin has gained significant support. Sanctions are also affecting the mining sector.
The Mining Act was initially rejected by the House of Representatives legal department, arguing that the draft would first need to be coordinated with the Bank of Russia. , endorsed this document on the condition that the issued coins will be sold abroad or exchanged into fiat currency only under the special legal system of Russia.
In mid-December, Aksakov’s Commission considered the bill and proposed its adoption at its first reading before the end of the autumn session. The establishment of an “experimental legal regime” proposed by the Bank of Russia should be regulated in a separate bill that had to be submitted to the House of Representatives this year. Aksakov added that the bill also needs to be approved.
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