Russia’s State Duma will consider a bill on mining and regulation of cryptocurrency circulation

The first reading is scheduled for July 23

15.07.2024 - 10:15

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2 min

What’s new? On July 12, the State Duma Committee on the Financial Market approved the crypto regulation bill, affecting the mining and turnover of digital assets. Its consideration by the full State Duma is scheduled for July 23, when amendments to the second reading should also be submitted.

Material by Interfax

What else is known? The bill was first presented in November 2022, and in April of this year, its edited version was submitted for consideration. The document defines such concepts as mining, mining pool, operator of the mining infrastructure, and organization of circulation of digital currency in the Russian Federation.

Thus, the organization of the circulation of digital currency means the provision of services aimed at ensuring the performance of civil law transactions or operations involving the transfer of digital currency from one holder to another, if at least one of the parties to the transactions is a Russian legal entity.

The document prohibits the organization of the circulation of digital currency, except in cases of mining and further distribution of mined assets, as well as advertising of digital assets. The government retains the right to impose a ban on mining in certain regions. The government, in coordination with the Central Bank, will set requirements for miners to individuals and legal entities, as well as limits on energy consumption.

The Ministry of Finance will begin to keep a register of legal entities and sole proprietorships engaged in mining. It should include industry participants whose energy consumption exceeds the limits set by the government.

In turn, Rosfinmonitoring will begin to collect information from miners about mined currencies and crypto wallets for their storage.

Thus, only companies and sole proprietorships from among the operators of the mining infrastructure will be able to sell cryptocurrency, while mining will also be allowed for individuals, provided that the electricity limit is met.

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