The Ministry of Finance of the Russian Federation has revised a draft law aimed at regulating the country’s crypto space, introducing provisions for cryptocurrency mining. The bill has been resubmitted to the government and could be passed in the spring session of parliament.
Updated “Digital Currency” Law Filed with Russian Government
The Russian Ministry of Finance has amended a bill to implement comprehensive rules for the Russian cryptocurrency sector. The latest version now takes into account the positions announced by other government institutions on the matter, the ministry announced on Friday.
The finalized draft law “On digital currency” has been returned to the Cabinet of Ministers in Moscow. The legislation, which was initially submitted to the federal government in February, aims to regulate crypto transactions in Russia as well as the activities of crypto market participants. He was ready to close the regulatory gaps left after the passing of the “Digital Financial Assets” law.
According to a recent statement by Anatoly Aksakov, chairman of the Financial Markets Committee of the lower house of the Russian parliament, the new law should be adopted during the spring session of the State Duma, along with amendments to the tax code. Russian regarding cryptocurrency operations. .
Some provisions of the bill have been clarified, the finance ministry said, including those related to the regulation of cryptocurrency mining. While the use of bitcoin in payments has faced opposition, including from the Central Bank of Russia and more recently from Prime Minister Mikhail Mishustin, many Russian officials have backed the idea of recognizing mining as an economic activity.
In January, the Bank of Russia pushed for a blanket ban on a range of crypto-related activities, including mining, but the Russian government sided with Minfin that the industry should be regulated rather than restricted. President Vladimir Putin called on them to resolve their differences and highlighted Russia’s potential as a mining destination.
In February, the Ministry of Economic Development proposed to allow mining of digital currencies in regions with excess electricity and to offer miners acceptable electricity tariffs. At the end of March, the Ministry of Energy called for urgent legalization of mining and the introduction of regional energy quotas for bitcoin farms. This week, the Ministry of Industry and Commerce and the Ministry of Construction, Housing and Utilities suggested the implementation of an experimental legal regime for mining.
Do you expect Russia to quickly adopt the new law “On digital currency?” Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.