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Russian upper house’s relevant committee passes bill legalizing cryptocurrency mining

It is suggested that the requirements to activities of individuals and legal entities engaged in digital currency mining will be established by the Russian government together with the Bank of Russia

MOSCOW, August 1. /TASS/. The Russian Federation Council’s Committee on the Budget and Financial Markets has greenlighted the bill on legalization of cryptocurrency mining in the country and recommended that the upper house of the parliament pass it. The document was initiated by a group of deputies led by Chairman of the State Duma Committee on Financial Market Anatoly Aksakov.

The Federation Council is expected to consider the bill at a plenary session on August 2. The document was submitted for consideration of the lower house of the Russian parliament in November 2022, whereas in April 2024 its revised version was submitted to the State Duma.

It is suggested that the requirements to activities of individuals and legal entities engaged in digital currency mining will be established by the Russian government together with the Bank of Russia. The Ministry of Digital Development will monitor compliance with those requirements.

Only Russian legal entities and individual entrepreneurs included in the register will have the right to mine cryptocurrencies. Individuals who do not exceed the energy consumption limits set by the Russian government will receive the right to mine digital currencies without being included in the register.

In addition, a number of measures are envisaged to control the circulation of digital currency in order to rule out the possibility of its use for the legalization (laundering) of the proceeds of crime, terrorism funding or other crimes.

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