Russian lawmakers are likely to reintroduce a bill that authorizes cryptocurrency mining. This bill was initially proposed to the State Duma in November, and is likely to be presented to the lower house of the Russian Parliament after a supplementary session, as per Anton Gorelkin, the deputy chairman of the parliament’s Committee on Information Policy.
Delay in Adoption of Russian Crypto Mining Laws
The regulation is intended to make mining a legitimate business activity and require related entities and individuals to report their profits. According to the draft provisions, miners can trade the coins overseas and on platforms that operate within certain legal regimes. However, the Russian government has so far refrained from allowing cryptocurrency payments.
The adoption of the law has been delayed by legislators so far. It was initially planned for the bill to be approved by voters by the end of 2022. Additionally, the law as it stands may prohibit the advertisement or other forms of promotion of crypto assets to large audiences.
Russian Authorities Want to Establish Legal Responsibility for ‘Grey’ Crypto Miners
Last week, the head of the Duma Committee on Financial Markets, Anatoly Aksakov, disclosed that legislators are now working on a new bill that will introduce liability for the so-called “grey miners” or those who steal electricity to mine or have connected their hardware to the grid illegally. The RBC reported that the respective legal directive must be adopted simultaneously in the first half of the year.
Cryptocurrency mining is a lucrative venture that has become a popular source of income for many people, especially in areas with low and subsidized electricity rates. This home mining is being blamed for fires and breakdowns. A proposal was made to ban it from residential areas.
Do you think Russia will implement new crypto mining laws within the next 12 months? Let us know in the comments below.
photo credit: Shutterstock, Pixabay, Wiki Commons, Route 77 / Shutterstock.com
Disclaimer: This article is meant for informational purposes only. It is not intended to be a solicitation for a purchase or promotion, nor a supply or solicitation of a direct offer. Bitcoin.com does not provide any investment, tax, legal, or accounting advice. Neither the author nor the company is responsible for any damage, loss, or claim to have been caused by, or in reference to, any content or items mentioned in this article.
