Regulation
Bitcoin Mining Bill Advances in Russia, Ahead of State Duma Vote in Late July — TradingView News
The State Duma Committee on Financial Markets has recommended that the lower house of the Russian parliament adopt a bill on regulating Bitcoin and altcoin mining, according to a recent report by Russian news agency TASS. The State Duma is expected to consider the bill during its session on July 23.
Proposed by Russian MP Anatoly Aksakov, the bill aims to create a structured legal environment for cryptocurrency mining, which currently exists in a legal gray area in Russia. It is intended to provide a clear framework for legal entities and individuals engaging in mining.
The bill stipulates that the Russian government, in agreement with the Bank of Russia, will establish requirements for individuals and legal entities engaged in cryptocurrency mining, including mining pool participants. The Ministry of Digital Development will be responsible for ensuring compliance with these requirements.
Under the proposed law, only registered Russian companies and individual entrepreneurs would be allowed to mine cryptocurrencies, while private individuals could do so within set energy consumption limits, the report added. The government will establish the procedure for maintaining this registry through regulatory acts.
Additionally, the bill will implement measures to control the circulation of digital currency to prevent its use for money laundering, terrorist financing or other criminal activities. The government would have the right to restrict mining activity in certain areas.
The bill prohibits the advertising and circulation of cryptocurrencies. Miners would have to report their mining activities and provide address identifiers to an authorized government agency. They would also be prohibited from combining mining activities with electricity-related activities, the report says.
Russia’s progress in regulating cryptocurrencies comes amid ongoing sanctions over its invasion of Ukraine. Authorities are exploring alternative ways to strengthen the nation’s international payment capabilities and reduce its dependence on Western financial systems.