The volatile development of the crypto market in Russia continues to overshadow the expectations of market players. The Ministry of Finance and the Central Bank take different views on cryptocurrencies. The Russian Ministry of Finance intends to allow crypto mining and introduce a tax on profits accruing from cryptocurrencies. In addition, the Russian ministry now wants to legalize Bitcoin mining in certain locations.
The Russian government is currently at the stage of developing a regulatory law for cryptocurrencies, where one of the government ministries has presented new proposals regarding the cryptocurrency mining sector.
Russia’s Ministry of Economic Development has agreed to a proposal to allow crypto mining in certain locations that have a sustainable electricity supply.
The ministry has proposed offering electricity at lower rates to Bitcoin miners and data centers in certain locations in Russia
One of the ministries stated that that the latest proposal would eliminate the risk of power supply deficits for housing, social facilities and infrastructure in the territories of other countries as a result of crypto mining activities. The ministry also added that it recognizes crypto mining as a commercial activity and introduced a new tax on profits from cryptocurrency mining.
So far there has been no agreement between the finance ministry and the Central Bank on how to regulate cryptocurrencies. Effective regulations are needed that allow citizens and organizations to legally acquire cryptocurrencies, taking into account the mechanisms and taxation of AML [Anti -Money Laundering].
