[ad_1]
Russian lawmakers will consider a cryptocurrency mining bill in 2023 despite earlier indications that they would vote on the proposal in December. The bill is expected to set rules for mining and selling cryptocurrency in Russia amid sanctions limiting the country’s access to global finance and markets.
New Russian crypto mining legislation has yet to be fully approved
Members of the State Duma will consider and vote on the bill to legalize cryptocurrency mining in the Russian Federation in 2023, head of the Financial Markets Committee Anatoly Aksakov announced in comments for the section crypto from the RBC Business Information Portal.
The high-ranking lawmaker, who has been closely involved in efforts to regulate the Russian crypto space, explained that the proposed legislation requires additional approvals. He was probably referring to reconciling the positions of the various regulators involved in the process.
The bill, which was submitted to the lower house of the Russian parliament in November, introduces amendments to the existing law on digital financial assets. The latter entered into force in January 2021 and only partially regulated crypto-related activities.
Mining, for which Russia has certain competitive advantages such as low-cost electricity and a cool climate, has developed as an industry and has spread as an additional source of income for many amateur miners, especially in energy-rich parts of the country.
Throughout this year, Russian government institutions have been thinking about how to extend the current regulatory framework to cover operations with cryptocurrencies. While most officials remain opposed to allowing free circulation of bitcoins and the like in Russia, their use in cross-border payments amid financial restrictions imposed during the war in Ukraine has gained significant support. The sanctions also affected the mining sector.
The mining law was initially rejected by the Duma’s legal department, which insisted that the project first be coordinated with the Bank of Russia. The central bank, which has maintained a hardline stance on crypto, later backed the document on the condition that minted coins would either be sold abroad or exchanged for fiat only under special legal regimes in Russia.
In mid-December, the Aksakov committee considered the bill and proposed its passage at first reading before the end of the autumn session. The establishment of the experimental legal regimes proposed by the Bank of Russia should be regulated by a separate bill which was also due to be tabled in the Duma this year. Aksakov added that this bill must also be approved.
Tags in this story adoption, bill, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, cryptocurrency mining, Duma, Law, legalization, Legislation, Miners, mining, parliament, regulations, restrictions, russia, russian, russian parliament, sanctions, state duma
Do you think Russia will speed up the passage of its crypto mining bill in 2023? Share your expectations in the comments section below.
Lubomir Tassev
Image credits: Shutterstock, Pixabay, Wiki Commons, FedotovAnatoly / Shutterstock.com
Disclaimer: This article is provided for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
More popular newsIn case you missed it
|
Sources 2/ https://news.google.com/__i/rss/rd/articles/CBMiVWh0dHBzOi8vbmV3cy5iaXRjb2luLmNvbS9ydXNzaWFuLXBhcmxpYW1lbnQtcG9zdHBvbmVzLWFkb3B0aW9uLW9mLWNyeXB0by1taW5pbmctYmlsbC_SAQA?oc=5 The mention sources can contact us to remove/changing this article |
[ad_2]