The Ministry of Finance of the Russian Federation has revised a draft law designed to regulate the country’s crypto space, introducing provisions for cryptocurrency mining. The bill has been resubmitted to the government and may be adopted during the parliament’s spring session.
Updated Law ‘On Digital Currency’ Filed With Russian Government
Russia’s Ministry of Finance has amended a bill intended to implement comprehensive rules for the Russian cryptocurrency sector. According to the Department, Friday’s announcement stated that the latest version takes into consideration the position taken by other institutions regarding the subject.
The finalized draft law “On Digital currency” has been returned to the cabinet of ministers in Moscow. This legislation was submitted in February to the federal government. It aims to regulate both crypto trading in Russia and the activities of market participants. It was prepared to fill the regulatory gaps left after the adoption of the law “On Digital Financial Assets.”
According to a recent statement by Anatoly Aksakov, chair of the Financial Market Committee at the lower house of Russian parliament, the new law is likely to be adopted during the State Duma’s spring session, along with amendments to the Russian Tax Code pertaining to cryptocurrency operations.
According to the Finance Ministry, certain sections of the bill had been clarified. These included the regulations on crypto mining. Although opposition has been voiced by the Central Bank of Russia as well as Prime Minister Mikhail Mishustin regarding the use of Bitcoin in payments, many Russian officials are supportive of the notion of mining being considered an economic activity.
In January, the Bank of Russia pushed for а blanket ban on a range of crypto-related activities, including mining but the Russian government has sided with Minfin’s view that the industry needs to be regulated rather than restricted. President Vladimir Putin asked them to resolve their differences and emphasized on Russia’s potential as a mining destination.
The Ministry of Economic Development suggested in February that digital currency extraction be allowed in areas with surplus power and that miners receive acceptable electricity rates. Late March saw the Ministry of Energy call for immediate legalization of bitcoin mining and the introduction of energy quotas in each region for farms. The Ministry of Industry and Trade and Ministry of Construction, Housing and Utilities proposed this week the establishment of an experimental mining legal regime.
Do you expect Russia to quickly adopt the new law “On Digital Currency?” Let us know in the comments section below.
Images CreditShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.