Russian Financial Authorities Reach Consensus on Crypto Mining Regulation

  • Richard Marley
  • September 23, 2022
  • 2 minutes read
  • 40

Russian financial authorities have adopted a common ground on cryptocurrency mining regulation. The Prime Minister asks CBR, the Federal Tax Service and other departments to elaborate a mutual position on digital currency circulation.

The central bank, major government institutions of Moscow, and the finance ministry have agreed to regulate the mining of digital coins in Russia. CBR and Minfin are working on digital currency regulation for the sake of the market’s development. The industry has been expanding in Russia as a source of additional income and a profitable sector for numerous Russians. 

Parliamentary Financial Market Committee’s chairperson Anatoly Aksakov announced that draft legislation introducing regulations for the sector would be handed over to the State Duma shortly. As per RBC Crypto, the chairperson said, “In the near future, the bill will appear in the State Duma, we will work to pass it faster.”

Aksakov believes that regions with copious energy resources should be allowed for crypto mining while the ones that experience shortages should be prohibited. 

Prime Minister Mikhail Mishustin asked the central bank of Russia and other departments to elaborate a common ground on cryptocurrency circulation.

With the participation of CBR, the Russian government’s head had also ordered the Finance Ministry to submit a consensus agreement for developing the market for DFAs. 

CBR and the finance ministry will update the strategy to develop the Russian Financial Market. The prime minister said that the document’s revision is needed, and it must be done as per President Vladimir Putin’s instructions as well as the current geopolitical situation.

For a significant time period, cryptocurrency regulation has been under discussion by Russian authorities with the CBR and Minfin with opposite opinions. The Central bank proposed a complete ban. 

However, the two regulators agreed that there is a need for cross-border crypto payments in Russia to deal with the pressure that Western restrictions have exerted on foreign trade. 

Suggested Read: SARB Issues Guidance to Discourage the Termination of Crypto Transactions in Banks