Bill Regulating Crypto Mining Submitted to Russian Parliament – Regulation Bitcoin News

An amended draft law that regulates cryptocurrency mining was filed at the State Duma (the lower chamber of Russian parliament). It provides legal guidelines for extracting digital currencies, and envisions the establishment a miners’ registry.

Russian lawmakers will review the laws governing crypto mining sector.

The draft of the new federal law “On Mining in Russian Federation” has been submitted to the Duma on Friday, April 29, according to the website of the house. The bill aims to bring the crypto-related industry out of the “grey” economy in Russia, a country rich in energy resources and favorable climatic conditions for mining.

According to the authors, the act defines the production of digital currencies as an activity that uses information infrastructure and equipment in Russia. These legal definitions include mining pools, operators and mining facilities.

A special register will be created for crypto miners and it will be kept by a federal agency. Individual entrepreneurs and self-employed individuals can be registered as private bitcoin miners if they exceed certain electricity consumption limits.

RBC Crypto said that mining will only be open to registered individuals and companies. Russian miners will need to maintain records about the newly minted cryptocurrency, the types of them, as well as any agreements with buyers, sellers, or exchange operators.

If deputies in the Duma adopt the law, a one-year “amnesty” will be announced for registered miners, within which they will be able to sort out any outstanding issues with customs clearance for imported hardware, pay relevant taxes and comply with applicable regulations. This includes recently approved rules regarding money transfers to the Russian Federation.

Russian authorities are currently working on a regulatory framework that will cover cryptocurrencies. A bill “On Digital Currency” has been prepared by the Finance Ministry to fill the legal gaps remaining after the enforcement of the law “On Digital Financial Assets” last year. To clarify aspects regarding crypto mining, the Finance Ministry recently updated the draft. This law and tax amendments are expected to be approved by the Russian parliament during its spring session.

Are you sure that the Russian parliament will approve the mining law along with other crypto legislation. Comment below.

Lubomir Tatsev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.