Russian bill would legalize crypto mining, sales under ‘experimental legal regime’
A bill was introduced into the Russian State Duma, the lower house of parliament, on Nov. 17 that would legalize cryptocurrency mining and the sale of the cryptocurrency mined. Cryptocurrency cannot currently be used for settlements in Russia.
The proposed law reads, “Digital currency obtained as a result of mining can be disposed of by the person who carried out the mining of this digital currency on the condition that Russian information infrastructure is not used in conducting transactions with it, with the exception of cases of transactions carried out in accordance with the established experimental legal regime," as quoted by Interfax.
Chairman of the Duma Financial Markets Committee Anatoly Aksakov told the local press that he expected the bill to pass all three parliamentary readings in December to come into force on Feb. 1. Other sources said the bill would become law on Jan. 1. Aksakov said:
The experimental sales regime is made possible by the law on digital innovation passed in 2020. The bill provides definitions of cryptocurrency mining and mining pools. It also bans the advertising of cryptocurrency in Russia.
A Russian platform for cryptocurrency sales will be set up if the law is passed, and Russian miners will be able to use foreign platforms. In the latter case, Russian currency controls and regulations would not apply to the transactions, but they would have to be reported to the Russian tax service. There is currently no legislation on the taxation of mining activities, although crypto mining is widespread in Russia.
Related: What the Russia-Ukraine war has revealed about crypto
A report issued by the Central Bank of Russia on Nov. 7 indicated that the country was preparing for the introduction of digital
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