A draft law tailored to regulate cryptocurrency mining has
been filed with the lower house of Russian parliament, the State Duma.
The legislation provides a legal definition for the extraction of
digital currencies and envisages the establishment of a register for
miners.
Russian Lawmakers to Review Legislation Enforcing Rules for Crypto Mining Sector
The draft of the new federal law “On Mining in Russian Federation” has been submitted
to the Duma on Friday, April 29, according to the website of the house.
The bill aims to bring the crypto-related industry out of the “grey”
economy in Russia, a country rich in energy resources and favorable
climatic conditions for mining.
The authors of the bill describe the minting of digital coins as an
activity using information infrastructure and equipment located in the
Russian Federation, which results in the creation of digital currency.
They also introduce legal definitions for the circulation of digital
currencies, mining pools and operators mining facilities.
The law provides for the creation of a special register for
cryptocurrency miners that will be maintained by an authorized federal
body. Private individuals involved in bitcoin mining will be able to
register as individual entrepreneurs or self-employed persons if their
electricity consumption exceeds certain limits set by the government.
Only registered entities and persons will be allowed to mine, RBC
Crypto reported, quoting the document. The operators of mining
facilities in Russia will be required to keep records of the minted
cryptocurrencies, their types, any contracts with other entities and
buyers of the coins, exchange operators, payment systems, and banks.
If deputies in the Duma adopt the law, a one-year “amnesty” will be
announced for registered miners, within which they will be able to sort
out any outstanding issues with customs clearance for imported hardware,
pay relevant taxes and comply with applicable regulations. That
includes the recently adopted rules for money transfers outside the
Russian Federation.
Russian authorities have been working to develop a comprehensive
regulatory framework for cryptocurrencies. A bill “On Digital Currency”
has been prepared by the Finance Ministry to fill the legal gaps
remaining after the enforcement of the law “On Digital Financial Assets”
last year. The department recently revised
the draft to clarify certain aspects pertaining to crypto mining. The
Russian parliament is expected to approve this law, along with tax
amendments, during its spring session.
source link ; https://news.bitcoin.com/mining/
