Following the rest of the countries tightening the regulation of cryptocurrencies, Russia is moving to the regulation of cryptocurrency mining.
Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, said that Russian lawmakers are currently considering the possibility of recognizing the crypto mining industry as a form of entrepreneurship in accordance with regional business laws. “Since crypto mining is one of the types of entrepreneurial activity, it is obvious that it is necessary to include it in the state register, regulate it as a type of entrepreneurship with the appropriate code and introduce appropriate taxation,” said Aksakov.
The politician noted that the government is actively working on several legal initiatives related to the crypto industry in order to move forward with bills on taxation of cryptocurrencies, mining and the issuance of a national digital currency in the near future. Recall that the crypto ruble was supposed to be released in January 2021.
“We still need to discuss what digital currency really is, although we call it currency, it is used more as a financial instrument or financial asset that is an investment rather than a means of payment.”
The official position of Russia is to ban the use of cryptocurrency as a payment method. The Russian State Duma approved a separate cryptocurrency tax bill in its first reading in February, requiring residents to report cryptocurrency transactions totaling more than $ 7,800 per year.
Experts assess the new bills as a direct increase in pressure on the industry and predict an outflow of crypto capital from the country. Do you agree? Share your opinion with us in the comments!