A proposal to make cryptocurrency mining legal as well as the selling of mined cryptocurrencies was introduced in the Russian State Duma, which is Russia’s lower chamber of government. Currently, it is not possible to make settlements in Russia using cryptocurrency. However, this may soon change. Anatoly Aksakov, the chairman of the Duma Financial Markets Committee, said in an interview with the local press that he anticipates the measure would pass all three readings in parliament in December and that it would go into effect on February 1st.
The legislation that was established in 2020 regarding digital innovation is what makes the experimental sales regime a possibility. Mining cryptocurrencies and participating in mining pools are both defined under the proposed legislation.
If the bill is approved, a Russian platform for trading cryptocurrencies will be established, and Russian miners would be allowed to utilize platforms located outside of Russia. In this second scenario, the transactions wouldn’t need to follow the currency restrictions and rules set by Russia, but they would still have to be reported to the Russian tax authority.
Although mining operations have not yet been regulated in terms of taxation, crypto mining is still practiced often in Russia. The Central Bank of Russia published a study on November 7th which showed that the nation may be preparing for digital assets to enter its markets.
Last September, the Moscow Exchange submitted a proposal to the Central Bank to enable trading in digital assets. If this law passes, it would make trading in cryptocurrencies much easier. In addition to national laws and regulations surrounding crypto mining, users must also be aware of international sanctions.