Russia proposed to introduce an experimental regime to regulate mining

The “regulatory sandbox” regime aims to mine digital currencies using computational capacity hosted by thermal generation facilities

06.04.2022 - 12:10

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What’s new? Denis Manturov, head of the Ministry of Industry and Trade, stated that the Ministry of Industry and Trade and the Ministry of Construction, together with other federal agencies and representatives of the business community, have prepared proposals to establish an experimental legal regime for mining, RIA Novosti reports. The proposals have been sent to the Government of the Russian Federation.

Material on the RIA Novosti website

Details of the new legal regime. Proposals for the establishment of a “regulatory sandbox” regime were drafted back in 2021. The experimental regime is aimed at mining digital currencies using computing facilities hosted by thermal generation facilities.

How does the “regulatory sandbox” regime operate? Companies and the representatives of the government will be able to engage in the development of new products and services, as well as test them in their chosen region. “The regulatory sandbox” is not regulated by the current legislation.

What preceded it? The Ministry of Industry and Trade’s proposals were made in response to a package of proposals on the regulation of the crypto market compiled by State Duma deputy from United Russia Anton Gorelkin following the party’s roundtable discussion. The discussion was devoted to the development of blockchain technologies and the regulation of the digital assets market. The participants of the event also discussed the legalization of mining. Denis Manturov, head of the Ministry of Industry and Trade, considers these proposals “relevant and supports the party’s initiative on work with them.”

Earlier, the Ministry of Industry and Trade proposed to oblige miners to use domestic equipment. The Ministry’s head Denis Manturov believes that this will reduce information security risks.

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