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Russia on the Verge of Legalizing Crypto Mining

Tim Alper
Last updated: | 2 min read
Source: Andy/Adobe

Russian lawmakers are inching closer to legalizing crypto mining – and could begin allowing industrial miners to operate as bona fide “entrepreneurs” as early as next month.

Anatoly Aksakov, the head of the State Duma’s Committee on the Financial Markets, last month claimed that a bill would be read in parliament “in December.”

MPs have previously rejected a similar draft law. But the new draft law appears to be very different. While the previous bill was drafted by a small group of opposition MPs, this bill appears to have the blessing of most major ministries – as well as the staunchly crypto-skeptic Central Bank.

The bank has repeatedly called for crypto to be banned from Russian soil, but appears to have been convinced that miners should be allowed to operate in the nation. The bank has accepted, but only on the condition that miners do not “bring” their tokens “into the Russian economy.”

What Obstacles Remain in Russia’s Quest to Legalize Crypto Mining?

IXBT quoted Aksakov as stating that the bill has been successfully submitted to parliament in mid-November – and that it had already passed the committee stage. The next step would be a formal vote, followed by a second reading. If these votes can be conducted in the next two weeks, that would leave enough time for the presidential office to sign off on the law and publish it in the official government gazette.

And providing there are no last-minute hurdles, that would mean that the law could even come into force on January 1, 2023.

Aksakov conceded that the bill had already been “edited” by government bodies and regulators. But he added that committees – including his own – now “agreed upon” the law.

He stated:

“I will say that there are no irreconcilable disagreements [between government organs and regulators] on this bill. In terms of the positions of the Central Bank and the Ministry of Finance, they are in agreement. But other departments are also involved in this procedure. It is now a matter of time. Let’s hope that, in a matter of days, we will be able to regulate [crypto mining].”

The ministry wants to let Russian industrial players mine coins – and then tax them on their earnings, believing this will help generate considerable tax revenue.