The Russian Ministry of Finance has revised a bill that aims to implement comprehensive rules for Russia’s cryptocurrency sector and was published Friday.
The final draft of the law “On Digital Currency” has been returned to the cabinet of ministers in Moscow. Originally filed with the federal government in February, it aims to regulate cryptocurrency exchanges in Russia as well as the activities of crypto market participants. It is prepared to fill the regulatory gaps left after the “On Digital Financial Assets” law is passed.
According to a recent statement by Anatoly Aksakov, Chairman of the Financial Markets Committee in the Russian lower house, the new law is likely to be adopted during the spring session of the State Duma, along with amendments to the Code of Conduct. Russian taxes related to crypto activities.
The Ministry of Finance said that a number of provisions in the bill have been clarified, including those related to the regulation of cryptocurrency mining.
The use of bitcoin in payments in Russia has recently faced strong opposition, most notably from the Central Bank of Russia and most recently from Prime Minister Mikhail Mishustin, but many Russian officials still support it, the idea of recognizing mining as an economic activity.
In January, the Central Bank of Russia pushed for a comprehensive ban on a range of cryptocurrency related activities, including mining, but the Russian government disagreed, arguing that the industry was This industry needs to be managed rather than restricted. President Vladimir Putin asked them to resolve their differences and emphasized Russia’s potential as a mining destination. Therefore, the Ministry of Economic Development has proposed to allow the mining of digital currencies from February in areas of excess power and provide an acceptable electricity price for miners. In late March, the Department of Energy called for an urgent legalization of mining and the introduction of regional energy quotas for bitcoin farms.