Russia Accelerates Legal Framework for Cryptocurrency Mining

Russia‘s Ministry of Economic Development pushes for a regulated cryptocurrency mining landscape. Efforts to formalise mining rules have been ongoing. The core aim, as stated by the ministry, is to bolster mining’s growth, according to bits.media.

Vladimir Voloshin, the head of the Department of Digital Economy Development, highlighted the need for mining to coexist harmoniously with other sectors. Taxation remains a pivotal issue in legalising crypto mining, with the potential to enhance the country’s socio-economic fabric.  

Moreover, Voloshin stressed on self-reliance in mining equipment. The vision encompasses not just procurement but domestic production and export of mining apparatus. However, specifics on Russia‘s capacity to produce ASIC-chips remain undisclosed.

Crypto mining’s geographical concentration poses challenges. Addressing this, initiatives to spread the energy infrastructure and moving data centres across regions are under consideration. The Ministry of Energy, in this context, is mulling over differential electricity rates for miners.

A significant move has been the establishment of the Association of Industrial Mining. As Voloshin notes, this body will fine-tune the dynamics of crypto mining in Russia. Collaboration on mining-related issues is eagerly anticipated by the ministry. Echoing these sentiments, the Irkutsk region’s Governor, Igor Kobzev, calls for expedited legal resolutions for mining.