Draft Law to Register Crypto Mining Presented to Parliament in Russia

    Russian authorities have submitted a bill to the parliament on cryptocurrency mining in the country. In the news, it was stated that the draft would require crypto miners to register with the government.

    With the spread of cryptocurrencies, new steps are coming from many countries in crypto mining. Now, Russia, which has been on the agenda of the whole world with its invasion of Ukraine, has made a move in this regard.

    Russian authorities have submitted a draft law on cryptocurrency mining in the country to the State Duma, the lower house of the Russian parliament. The news showed that the bill submitted to the parliament on April 29 was created to eliminate the uncertainties about the cryptocurrency mining activities in the country.

    Miners will need to register

    According to the statements, the draft defined mining, which has a serious role in the production of cryptocurrencies, as an activity that uses the information infrastructure and equipment of the Russian Federation. It was also stated that the authorities are planning to introduce legal definitions on issues such as digital currencies and mining operations.

    This created law aims for cryptocurrency miners to have a special registration provided by the federal authorities. In addition, it is stated that individuals who individually mine Bitcoin can register as ‘individual entrepreneurs’ if they exceed the electricity consumption limits set by the country.

    In addition, it is also in the draft law that only registered persons or institutions can carry out mining activities. It is also among the news that mining facilities will have to record the cryptocurrencies produced, the types of these currencies, and their relations with other institutions (such as stock exchanges, banks).

    Finally, it is noted that if the parliament approves, a one-year ‘amnesty’ will be granted to registered miners, so that mining operations can solve problems such as paying taxes, customs issues related to imported equipment and complying with regulations.

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