Updated Bill ‘On Digital Currency’ Filed With The Russian
Government
The Ministry
of Finance of the Russian Federation has revised a draft bill designed to
regulate the country’s crypto space, introducing provisions for cryptocurrency
mining. The revised bill has been submitted to the government for adoption
during the spring session of the parliament.
Russia’s Ministry of Finance has amended a bill intended to implement comprehensive rules for the Russian cryptocurrency sector. The revised version takes into account the positions of other government institutions on the matter, the department announced on Friday.
The finalised
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 players. 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 the Russian parliament, the new bill is likely to be
adopted during the State Duma’s spring session, along with amendments to the
Russian Tax Code pertaining to cryptocurrency operations.
Certain
provisions in the bill have been clarified, the Finance Ministry said,
including those related to the regulation of crypto mining. While the use of
bitcoin in payments has been met with opposition, most notably from the Central
Bank of Russia and most recently from Prime Minister Mikhail Mishustin, many
Russian officials have backed the idea of recognising 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 has sided with
Minfin’s view that the industry needs to be regulated rather than restricted.
President Vladimir Putin has called for them to resolve their differences and
focus on Russia’s potential as a mining destination.
In February,
the Ministry of Economic Development proposed authorising the extraction of
digital currencies in regions with a power surplus and offering miners
acceptable electricity rates. In late March, the Ministry of Energy called for
the urgent legalisation of mining and the introduction of regional energy quotas for
bitcoin farms. This week, the Ministry of Industry and Trade and the Ministry
of Construction, Housing and Utilities suggested the implementation of an
experimental legal regime for mining.
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