Media reported on the inclusion of mining in the roadmap for crypto regulation

Previously, the authorities planned to consider the field of digital asset mining separately because of its specifics

01.02.2022 - 13:05

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What’s new? Deputy Prime Minister Dmitry Chernyshenko has instructed to include questions about the legal status of mining in the roadmap for regulating the cryptocurrency market in the Russian Federation. The official has ordered the creation of a working group with community participants with the assistance of the Government Coordination Center. This is reported by the Izvestia newspaper.

Information on the Izvestia website

What did Chernyshenko instruct the departments to do? By the end of the first half of the year, there will be provided administrative responsibility for the illegal circulation of digital assets and violation of the rules for deals with them. The federal executive authorities have already started preparing a regulatory framework to regulate the circulation of virtual assets. The Ministry of Economic Development said that the cryptocurrency business may be officially recognized as entrepreneurship. The department has been instructed to add this type of activity to the OKVED (All-Russian Classifier of Economic Activities).

What is the roadmap’s peculiarity? Earlier, the Deputy Prime Minister approved a roadmap to regulate the cryptocurrency market in the Russian Federation. The document included some important proposals, namely, the definition of the status of all community participants, as well as the appointment of a regulatory body to monitor their activities. By May, it is proposed to finalize the regulatory framework of the virtual asset service providers’ activities and the procedure governing their activities.

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