The draft law on mining in Russia: what are the prospects

  • 20:14 Nov 30, 2022
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The draft law on mining in Russia: what are the prospects

The draft law, which aims to regulate mining and the sphere of cryptocurrencies in general, was criticized in the State Duma.

Nevertheless, the lawyer Efim Kazantsev, believes that the document will be adopted, despite all the comments. According to him:

This draft law should act as a compromise between the Central Bank and the Ministry of Finance.

He also noted that many document paragraphs need to be amended in other legislative acts. Kazantsev suggested what is the source of difficulties for miners:

It is the negative attitude of the key regulator, the Central Bank, rather than the lack of relevant laws. The Central Bank advises banks to block any operations related to cryptocurrencies. Miners, in turn, are waiting for the law to provide norms that can be referred to when exchanging cryptocurrencies and not worry about blocking.

According to Dmitry Tsyrkin, a representative of the DRC:

The Central Bank's response is likely to be negative, as the goal is to ban cryptocurrency mining and transactions. The regulator's pressure will increase together with the promotion of the digital ruble.

Dmitry Tsypkin is sure that the law in its current form seriously restricts the prospects of mining in the country through the prohibition of cryptocurrency exchange.

Andrei Tugarin (GMT Legal) believes that the law will help register mining as a legal business and take into account the costs of cryptocurrency mining.

The draft law will be amended the document will not reach publication in the current version. Also, keep in mind that as long as the experimental legal regime is not introduced the law cannot be enforced. It means that we will see another piece of legislation.

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