Russia Crypto Mining Bill Finally Set for Parliament
Russia may finally be set to legalize Bitcoin (BTC) and altcoin mining after a State Duma committee approved a bill for a vote later this month.
TASS reported that the State Duma’s Committee on Financial Markets “recommended that the lower house of parliament” vote in favor of a new bill “on regulating mining in Russia” when it convenes for business on July 23.
The bill is the brainchild of a “group of lawmakers from different factions.” Crucially, however, one of its signatories is the chairman of the State Duma Committee on Financial Markets, Anatoly Aksakov.
Aksakov is the de facto chief architect of Russia’s crypto-related legislation. While the nation is yet to make much progress with crypto regulation, it is unlikely that Aksakov would put his name on a bill that stands no chance of success.
The bill appears to be the fruit of several months of intense lobbying from the Russian industrial crypto mining sector.
The sector has been pleading with Moscow to legalize industrial mining for several years. While this would mean miners would have to start paying taxes on their incomes, it would also open the door to potential investors.
Currently, miners operate in a legal “grey zone,” whereby mining is neither legal nor illegal. At present, power companies can only shut down miners they suspect of stealing electricity for their grids.
The first version of the private member’s bill circulated back in November 2022. But the newest version of the bill proposes giving regulatory powers to both the Russian government and the Central Bank.
It also proposes giving the Ministry of Digital Development powers to “monitor” the way miners “implement” new requirements.
The bill further proposes allowing Russian firms and “individual
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