Russia Paves the Way for Cryptocurrency Regulation with New Miner Registry

On April 11, 2024, Russia made a significant announcement that could potentially change the landscape of the cryptocurrency market within its borders. Anton Gorelkin, the Deputy Chairman of the State Duma Committee on Information Policy, declared the creation of a national register for cryptocurrency miners. This announcement came during a meeting focused on the decriminalization and regulation of the cryptocurrency market, attended by MPs, officials, and interested businessmen, according to Cryptocurrency.

The decision to establish a registry marks a pivotal moment in Russia’s approach to managing the burgeoning cryptocurrency sector. The Irkutsk region’s energy crisis has acted as a catalyst, prompting a more vigorous finalization of two critical pieces of legislation: one concerning mining and the other regarding the experimental legal regime for cryptocurrencies. According to Gorelkin, these bills are expected to undergo substantial revisions, reflecting the urgency and importance of regulating this domain.

The register, to be maintained either by the Federal Tax Service (FTS) or Mincifra, aims to bring much-needed order and oversight to the mining activities. By creating a formal registry, the Russian government intends to ensure that the cryptocurrency market’s regulation is balanced, taking into consideration the interests and rights of all stakeholders involved.

This move towards regulation has been met with anticipation, as Alexei Yakovlev, Director of the Financial Policy Department of the Russian Ministry of Finance, previously indicated that legislation concerning the regulation of cryptocurrencies might be enacted within the year. This development signifies a significant shift in Russia’s stance towards cryptocurrencies, from a position of caution and skepticism to one of cautious acceptance and regulation.