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Russian Federation Revises its Crypto Draft Law, Introduces Crypto Mining

Russian Federation revises its crypto draft law, introduces crypto mining

On April 8, the Russian Ministry announced the amendment of the bill designed for the enactment of comprehensive rules for growth and regulation of the cryptocurrency sector. The amendment in the bill was recently being taken into consideration after the recent uproar of the Russian invasion of Ukraine and the fact that several Russian dignitaries were trying to use cryptocurrency to escape the sanctions imposed on them. Moreover, the bill will contemplate on the latest positions and viewpoints of other government institutions on the matter.

Talking about the same, the Ministry of Finance of the Russian Federation has reiterated the draft to incorporate procedures for cryptocurrency mining as well. The amended bill has been re-submitted to the cabinet ministers in Moscow for consideration and once passed, it can be adopted by the parliament in their spring session.

The following are the changes suggested in this revised bill

The revisions made to the Russian cryptocurrency consists of the following provisions:

  • The new law will be adopted during the State‚Äôs Duma spring session along with the amends made to the Russian Tax Code pertaining to the cryptocurrency transactions as reported by Bitcoin.com citing Anatoly Aksakov, the chair of the Financial Market Committee at the lower house of the Russian parliament.
  • The current revised law On Digital Financial Assets is aimed at legalizing cryptocurrencies in the country and setting up stringent protocols on crypto investments and market. However, this law was first submitted to the Federal government in February.
  • Crypto mining has been introduced in this revised law. This inclusion is in efforts to counter the concerns raised by the key representatives who backed the idea of recognizing crypto mining as an entrepreneurial activity under the Russian law.
  • The officials believe that this move will benefit both state and the crypto industry.
  • Late March, the Deputy Minister of Energy called for filling the void in the cryptocurrency mining sector.
  • The Deputy Minister of Energy requested for the introduction of regional energy quotas for bitcoin farms.
  • In April, the Minister of Industry and Trade and the Ministry of Construction Housing and Utilities also brough forth the implementation of necessary procedures for experimental legal regime for crypto mining.

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