Russia Agrees on Bill to Regulate Mining Industry

The Ministry of Finance and the Bank of Russia, the central bank of the country, have recently approved the final version of the regulatory framework for individuals and legal entities involved in cryptocurrency mining.

The bill will soon be submitted to the State Duma deputies for their consideration.

According to Anatoly Aksakov, head of the Duma Committee on Financial Markets, that private miners should be recognized as individual entrepreneurs or included in the category of self-employed Russians. After that, citizens who mine cryptocurrency must pay taxes in accordance with the laws of our country. It is also necessary to form a register of mining companies.

Aksakov believes that crypto mining in Russia should be allowed only in those regions where the energy infrastructure is widely developed and there are no problems with the supply of residents and social and industrial facilities.