Time to ‘Resolve All Crypto Issues’ Says Russian Parliament
Russia’s parliament, the State Duma, has said that it wants to “resolve all legal issues with cryptocurrency” – by defining legal terms for cryptoassets, mining, and more. And the chief architect of crypto-related legislation in the country has noted that it is time for miners to start paying taxes on their earnings.
Per the Parliamentary Gazette, legal clarity in terminology will be a priority for the Duma, which wants to cyber businesses to be more transparent and predictable while, at the same time “boosting the revenue base for the state” – in the form of taxation.
As reported, the vice-speaker of the State Duma, Russia’s parliament, Alexey Gordeyev, has been appointed as the head of a working group that has been tasked with preparing proposals “on the legislative regulation of the circulation of cryptocurrencies in Russia.”
As well as MPs, the group also comprises industry figures, regulators, members of the government, and representatives of the Central Bank.
Just as has been the case in much of the wider CIS area for much of the winter period, crypto mining has become an increasingly contentious issue in Russia. Mining is neither legal nor illegal in Russia, and operates in what most analysts (and the government) call a legal “grey area.”
Russia’s provinces have complained that miners consuming electricity on subsidized domestic-use prices are placing a strain on their power networks, and the state has responded by creating a workaround that allows local power providers to raise power rates for certain groups or individuals – i.e. those who they identify as crypto miners.
Industrial miners in the country have also called for the government to legalize the industry – and say they are willing to pay tax on their income if
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