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Bill Regulating Crypto Mining Submitted to Russian Parliament

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.

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.

Do you think the Russian parliament will adopt the mining law together with the other crypto legislation? Tell us in the comments section below.

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