Russia May Legalize Cryptocurrency Mining Next Year

Russia’s Parliament received a new draft law on the regulation of the mining industry last week.

If the document is eventually adopted, cryptocurrency mining will become legal in Russia from January 1. The document is intended to strengthen control over individuals and legal entities that mine cryptocurrencies.

Once approved, miners will be able to officially declare their income and pay taxes to the state budget.

In addition, the document refers to the need to create an infrastructure within the country for transactions with cryptocurrencies.

Initially, all such transactions will be carried out under an experimental legal regime.