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As revealed by Anatoly Aksakov of the Russian State Duma Committee, following the decision of legitimizing the broader crypto industry back in January 2021, Russia is moving forward in regulating cryptocurrency mining. This has come amid the Russian cryptocurrency advocates’ efforts to attract international crypto mining operators.
Anatoly Aksakov of Russian State Duma Regulating Crypto Mining Business
“As this [crypto mining] is a type of entrepreneurial activity, it is obviously necessary to include it into the state register, to regulate it as a type of entrepreneurship under an appropriate code, and impose relevant taxation.”
In addition to this, he said that the government is actively operating on various legal initiatives in relation to the crypto industry, expecting to move ahead with bills for crypto taxation, mining business, and digital currency issuance.
Addressing the need for providing increased regulatory clarity for digital currencies, Aksakov said:
“We still need to discuss what digital currency actually is, although we call it currency, it is rather used as a financial instrument or a financial asset that is a subject to investment, rather than a means of payment.”
Approval of a Separate Bill on Crypto Taxation
Back in the month of January of the year 2021, Russia officially accepted a basic legal framework for the regulation of cryptocurrencies such as Bitcoin as part of the law On Digital Financial Assets.
In the month of February, the Russian State Duma approved a distinct bill on crypto taxation and required the residents to report crypto transactions of a total amount exceeding $7,800 per year.