According to the document, individuals will be allowed to engage in cryptocurrency mining, subject to registration as an individual entrepreneur or self-employed person

​Deputies from the “New People” submitted to Russia’s State Duma a draft on the legal regulation of mining

29.04.2022 - 12:45

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2 min

What’s new? Deputies from the “New People” party Anton Tkachev, Vladimir Plyakin, Grigory Shilkin, and Sardana Avksentyeva have submitted the draft law “On Mining in the Russian Federation” to the State Duma. . In addition, the draft provides for registration in the register of mining participants if their electricity consumption exceeds the limits set by the Russian government. This is reported by RIA Novosti.

RIA Novosti’s material

What else is provided in the draft law? Miners will have to record the cryptocurrencies mined, their types, contracts with users, and crypto providers or financial institutions that work with digital assets. If the law enters into force, it is expected that there will be provided an amnesty for miners registered in the register within a year. According to the document, the amnesty will apply to customs clearance of previously imported mining equipment and the filing of tax returns on income from cryptocurrency mining.

What events preceded it? On April 11, the Ministry of Energy of Russia supported the idea of legalizing mining. In addition, the Ministry of Energy jointly with the Ministry of Finance was discussing a taxation model for miners. The department believes that miners should consume electricity at a tariff for “others” consumers, rather than at a preferential tariff for the population. In early April, the Ministry of Industry and Trade proposed to introduce an experimental regime to regulate mining. On April 21, Bank of Russia Governor Elvira Nabiullina reported that a systemic solution on the issues of mining is being prepared jointly with the Government of the Russian Federation. If it is approved, an experimental regulatory regime and limits will not be needed.

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