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Russia Seriously Thinking To Regulate Crypto Mining

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Deputy Chairman of the Committee on Security and Anti-Corruption, Andrei Lugovoi proposed to form a committee that ensures the legalization of crypto mining in Russia.

At the parliament session on Thursday, November 11, Andrei Lugovoi said that after the adoption of the digital financial assets law last year, Russia continues to lose tax revenues and has been standing still for a year and a half in regulating cryptocurrency mining. The deputy proposed to legalize mining.

“We have prepared a bill, we will introduce it soon, And we will regulate cryptocurrencies mining,” the parliamentarian said.

He believes that miners annually enrich themselves by $2 billion at the expense of the Russian population and at the same time do not pay taxes. In addition, the lack of crypto regulations makes it difficult for law enforcement agencies to act against cryptocurrency frauds.

State Duma Chairman Viacheslav Volodin supported the deputy’s proposal and instructed to create an inter-committee working group to regulate cryptocurrency mining. Earlier the information appeared that the Russian Ministry of Economic Development is in favor of the recognition of mining as an entrepreneurial activity. The initiative was also supported by Anatoly Aksakov, head of the Committee on Financial Markets in the State Duma.

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