Draft Law Advances
Reports suggest that Russia may soon legalize industrial crypto mining. Interfax reveals that the State Duma has approved the draft law in its third reading. This law requires crypto miners in Russia to adhere to anti-money laundering regulations.
Final Steps Before Ratification
The bill now needs approval from the upper parliamentary house and the President’s office. Once signed into law by the President, miners will need to report suspicious crypto transactions to Rosfinmonitoring, Russia’s anti-money laundering agency. This legislation might signal the start of more extensive regulatory measures. Another bill under consideration aims to legalize digital currency mining starting September 1, 2024.
Legislative Developments
Expectations for Approval
Vedomosti reports that the Duma is expected to pass the crypto mining law soon. Lawmaker Anton Gorelkin anticipates full approval of the bill by the end of the Duma’s spring session, concluding on August 5. Amendments for the bill’s second reading are prepared, and some speculate that the bill might be adopted by the end of the week.
Potential Changes to Crypto Regulations
Anatoly Aksakov, Chairman of the State Duma’s Committee on Financial Markets, stated that the long-awaited legislation is nearing a vote after over two years of discussions. The law aims to regulate the crypto sector as directed by the President. It might also introduce rules for crypto exchanges and provide guidance for Russian firms using crypto in international transactions.
Proposals for Mining Regulation
President Vladimir Putin has urged lawmakers to expedite crypto mining regulations. Although the Central Bank had previously suggested a ban on mining, the industry’s growth has shifted focus. Proposed measures include banning non-industrial mining, allowing power companies to target private miners, or permitting home-based mining within energy limits. Lawmakers might also defer regulations for private miners to a future session.
Impact on Industrial Miners
Expected Benefits and Challenges
Industrial miners are likely to benefit from the new laws. They will need to comply with anti-money laundering protocols and pay taxes. However, gaining official recognition as business operators could attract domestic investment. Aksakov noted that both the mining industry and cryptocurrency users have requested legislative action to effectively regulate the sector.
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