Russia’s State Duma advocated access to mining only for legal entities

According to State Duma deputy Anatoly Aksakov, the cryptocurrency mining business needs to be regulated

12.04.2022 - 16:40

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What’s new? The head of the State Duma Committee on Financial Markets, Anatoly Aksakov, said in an interview with Izvestia that only legal entities should engage in mining. He argued that such a business should be regulated. Aksakov recalled that the current version of the draft law on the legalization of cryptocurrencies, which was drawn up by the Ministry of Finance, does not cover the sphere of mining.

Information on the Izvestia website

What else does the deputy say? According to Aksakov, the draft law is currently being discussed by the government and is being finalized. Since the Central Bank is still leaning towards a complete ban on cryptocurrency transactions, a lot more fine-tuning is still expected. The official expects the document to be submitted to the State Duma in May. He added:

“Mining should only be allowed in energy surplus regions. Only legal entities should engage in mining, it should be a regulated business. As for cryptocurrency financial assets, there should be taxation as in the financial segment.”

What had happened before? On April 11, the Ministry of Energy of Russia supported the idea of legalizing mining. The Ministry of Energy jointly with the Ministry of Finance is 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. The Ministry of Industry and Trade also proposed to oblige Russian miners to use domestically produced equipment for mining cryptocurrencies.

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