Russian Finance Ministry Set to Regulate Cryptocurrency Mining in 2023

The Russian Ministry of Finance has announced plans to begin regulating cryptocurrency mining this year. Finance Minister Anton Siluanov shared the news during a joint session of the enlarged board of the Ministry of Finance and the Ministry of Economic Development.

Siluanov stated that the ministry has set a goal to develop the sphere of digital finance, including the mining of cryptocurrencies. Additionally, the ministry plans to continue the digitalization of the financial environment, with an aim to reduce costs and risks for businesses and improve the revenue administration system.

While the finance minister did not specifically mention the digital ruble, he has previously emphasized its relevance in accounting for income and expenditure of government agencies. Siluanov also noted that settlements in the digital currency will not have commission fees and the funds will only be used for budget law purposes.

The long-discussed bill to regulate mining is expected to be adopted soon. Anatoly Aksakov, head of the State Duma Committee on Financial Markets, mentioned in late March that the bill could be considered as early as April. The State Duma has agreed on measures against Russians for illegal transactions with cryptocurrency, including introducing criminal liability.

The Ministry of Finance anticipates that the bill will be passed in April, which would bring the mining market in Russia out of the “gray zone” and potentially generate revenue for the state budget.