The bill on mining cryptocurrencies in the Russian Federation has not been adopted, postponed to 2023


The bill regulating the mining of cryptocurrencies, which was promised to be adopted in the first reading in the State Duma on December 20, could not be adopted. Now it will be considered in 2023. It is not known when exactly the deputies will adopt the bill.

In turn, the head of the State Duma Committee on the Financial Market, Anatoly Aksakov, suggested that the bill might be considered in January 2023. At the moment, the bill is still being coordinated with relevant departments and other market participants. When the approval process will end, the deputy did not specify.

Why the bill regulating the mining of cryptocurrencies in the Russian Federation could not be adopted in 2022

Earlier, the deputies assured that by the end of 2022 they would be able to pass the bill, at least in the first reading. Now we will have to postpone consideration of the bill until 2023.

Such a delay in the consideration of the bill is caused by a complex of reasons. The most important opponent in this matter has always been the Central Bank of the Russian Federation. The regulator categorically opposed at first the mining of digital assets as such. But gradually the position of the Central Bank of the Russian Federation has softened somewhat, from complete rejection of the organization of the cryptocurrency  issuance to the legalization of at least mining.

In turn, the Ministry of Finance advocated legalizing the mining of cryptocurrencies in the country and for the circulation of cryptocurrencies in the domestic market. The Central Bank insisted on selling the cryptocurrency obtained in the process of mining only on foreign exchanges to non-residents.

But then the position of the regulator changed again, and it allowed settlements in cryptocurrencies within the Russian Federation within the experimental legal regime and only through an authorized organization.

When market participants stressed that the bill needed to be finalized, especially in terms of advertising digital assets, the legal department of the State Duma decided that the bill should be sent back to the Central Bank for approval.

When will the bill regulating the mining of cryptocurrencies in the Russian Federation be adopted

If you believe the promises of the head of the Financial Market Committee Anatoly Aksakov, the deputies will consider it in January 2023. However, it cannot be ruled out that during the next approvals it will be necessary to postpone the adoption of the bill again.

Therefore, it is impossible to specify specific dates. One can only hope that in 2023 it will still be accepted and it will help the cryptocurrency market develop

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