Law on mining in Russia will come into force in January 2023


A bill allowing the legalization of cryptocurrency mining in Russia has been submitted to the State Duma. This was announced by the head of the State Duma Committee on the financial market Anatoly Aksakov.

"In December we will try to adopt the law in all readings, because it is planned that it will come into effect from 2023". So miners can get ready now.

The deputy believes that the activity of cryptocurrency mining in Russia is actively developing, but its legislative regulation has not yet been properly developed. Aksakov is confident that the adoption of the law will allow mining to develop in the country, and will also help to form law enforcement practice.

"The adoption of the law on mining will introduce this activity into the legal field, and will also allow the formation of law enforcement practice, which, among other things, will contribute to ensuring further comprehensive regulation of issues related to the issuance and circulation of digital currencies".

The document provides that the requirements for the activities of individuals and legal entities engaged in mining digital currency, including participants in the mining pool, will be established by the Government of the Russian Federation in agreement with the Bank of Russia. And the supervision of compliance with the established requirements will be carried out by the federal executive body authorized by the Cabinet of Ministers. At the same time, a ban is imposed on advertising or offering in another form to an unlimited circle of cryptocurrency persons.

"The introduction of the proposed regulation of mining activities, the establishment of separate requirements for it will allow you to legally carry out such activities, declare the income received and pay appropriate taxes to budgets of all levels," Aksakov said.

The digital currency obtained as a result of mining is subject to sale without the use of the Russian information infrastructure, except in cases of transactions within the experimental legal regime. Therefore, along with this bill, another one will be introduced, making changes to the legislation regarding the development, testing and implementation of digital innovations in the financial market. The second bill is likely to be introduced on Friday, Aksakov promised.

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