Russian legislators are getting closer to legalizing crypto mining – and may start allowing industrial miners act as bona fide “entrepreneurs” Early next month.
Anatoly Aksakov, head of the State Duma’s committee on financial markets, claimed last month that a bill shall be read “in December” in Parliament.
Lawmakers have previously rejected a similar draft law. But the new draft law appears to be very different. While the previous bill was drafted by a small group of opposition MPs, this bill appears to have the blessing of most key ministries – as well as Hardcore crypto-skeptic Central Bank,
The bank has repeatedly called for crypto to be banned from Russian soil, but appears to be convinced that miners should be allowed to operate in the nation. The bank accepted, but only on the condition that miners would not bring “their coins” into the Russian economy.
What are the obstacles in Russia’s quest to legalize crypto mining?
ixbt Aksakov is quoted as saying that the bill has been successfully submitted to parliament in mid-November – and it has already passed the committee stage. The next step would be a formal vote, followed by a second reading. If these votes can be held in the next two weeks, the President’s Office will have enough time to sign the legislation and publish it in the Official Government Gazette.
And if there are no last-minute hurdles, it would mean that the law could come into effect on January 1, 2023 as well.
Aksakov acknowledged that the bill has already been “edited” by government bodies and regulators. But he said the committees – including his own – have now “agreed on the law”.
He said:
“I would say there is no irreconcilable disagreement [between government organs and regulators] on this bill. In terms of the positions of the Central Bank and the Ministry of Finance, they are in agreement. But other departments are also involved in this process. It is now a matter of time. Let’s hope that, in a few days, we will be able to regulate [crypto mining],
The ministry wants to let Russian industrial players mine the coins – and then tax their earnings, believing it will help generate considerable tax revenue.
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