Key points
- The State Duma is expected to vote later this month on a bill legalizing cryptocurrency mining in Russia.
- Under the proposal, miners would be required to report their mining activities and comply with anti-money laundering protocols.
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The State Duma Committee on Financial Markets has recommended that the Russian lower house of parliament approve the bill. in Regulation of Bitcoin and altcoin mining activities, According to a recent study report According to Russian news agency TASS, the State Duma is scheduled to consider the bill during its session on July 23.
Proposed by Russian MP Anatoly Aksakov, the bill seeks to create a structured legal environment for cryptocurrency mining.which is currently in a legal grey zone in Russia. It is planned to provide a clear framework for legal entities and individuals involved in mining.
The bill stipulates that the Russian government, in agreement with the Bank of Russia, will establish requirements for individuals and legal entities engaged in cryptocurrency trading. Mining, including Mining pool participants. The Ministry of Digital Development be responsible for ensuring compliance with these requirements.
According to the draft law, only registered Russian companies and individual entrepreneurs will be allowed to mine cryptocurrencies, while individuals will be able to do so within the established energy consumption limits, the report adds. The procedure for maintaining this registration will be established by the Government through normative acts.
In addition, the bill will implement measures to control The circulation of digital currency To prevent its use for money laundering, terrorist financing or other criminal activities, the government would have the right to restrict mining in certain areas.
The bill bans the advertising and circulation of cryptocurrencies. Miners would have to report their mining activities and provide address identifiers to an authorized government body. They would also be prohibited from combining mining activities with activities related to electrical energy, The report wrote.
From Russia Progress in cryptocurrency regulation The move comes amid sanctions in place following the invasion of Ukraine. Authorities are exploring alternative ways to strengthen the country's international payment capacity and reduce its dependence on Western financial systems.
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