The Russian Duma wants to regulate crypto mining as a business

As the Russian cryptocurrency advocates put it Strive to attract global crypto mining operators, Local lawmakers have become more serious about regulating the industry.

Anatoly Aksakov, chairman of the Financial Market Committee of the Russian State Duma, claimed that Russian legislators are now considering recognizing crypto mining as a form of entrepreneurship under the local commercial law, TASS News Agency Report on Wednesday.

“As this [crypto mining] It is an entrepreneurial activity. Obviously it is necessary to include it in the national register, supervise it as an entrepreneurial activity in accordance with appropriate regulations, and collect related taxes,” Aksakov said.

He said that the government is actively carrying out a number of legal initiatives related to the crypto industry and is expected to promote crypto taxation, mining and digital currency issuance bills in the near future. Aksakov also emphasized the need to provide more regulatory clarity for digital currencies, noting:

“We still need to discuss what digital currency is. Although we call it currency, it is more like a financial instrument, or a financial asset that can be invested, rather than a means of payment.”

Nikita Soshnikov, a former senior attorney at Deloitte CIS and director of Alfacash, said, “The actual impact on the industry will be limited to business registration and tax liability. Of course, it is officially recognized as a legal enterprise to a certain extent.”

Russia Formally adopted the basic legal framework Used to supervise cryptocurrencies such as Bitcoin (Bitcoin) As part of the “Digital Financial Assets” Act in January 2021, the use of cryptocurrency as a payment method is prohibited. While officially legalizing cryptocurrency investment, the law does not provide clear regulations for many specific industries, including taxation, mining, Rules for owning and reporting crypto assets, And others.

related: The Kremlin says Russia is not ready to accept Bitcoin as legal tender

The Russian State Duma approved a separate crypto taxation bill in its first reading in February. Require residents to report crypto transactions The annual total amount exceeds 7,800 US dollars.

In August, the Committee of Judges of the Russian Federation Publish Official statement on the right of Russian judges to own cryptocurrencies. The authorities specifically advise local judges to stay away from holding cryptocurrencies, as they are considered a foreign financial instrument, citing local court regulations.