The State Duma, the lower house of the Federal Assembly of Russia, took a significant step towards regulating cryptocurrency mining on July 24 by approving a bill in its first reading. This legislation, introduced by a coalition of deputies led by Anatoly Aksakov, the chairman of the Duma Committee on Financial Markets, aims to formalize the process and conditions for mining digital currencies in Russia.

The bill’s proponents argue that such regulation will mitigate risks associated with illegal mining activities and enhance legal clarity, thereby attracting investment and generating employment in the sector. Nikita Chaplin, a member of the State Duma’s Budget and Taxes Committee, told journalists (translated by Google):

The bill helps reduce the risks of illegal mining activities and related offenses. The established requirements and controls make it more difficult to circumvent the law and use digital currencies in illegal transactions.

“Regulation of mining at the legislative level can stimulate the development of the industry, attract investment and create new jobs,” Chaplin added, highlighting that last year, Russian miners produced approximately 54,000 bitcoins valued at over $3.5 billion.

The proposed law sets strict guidelines for individuals and entities involved in cryptocurrency mining, with oversight from the Ministry of Digital Development. Registered Russian legal entities and individual entrepreneurs are permitted to mine legally. Non-registered Russian citizens can also mine if they comply with specified energy consumption limits. Additionally, the legislation requires miners to disclose information about the obtained digital currency and related transaction identifiers to the government. The Federal Service for Financial Monitoring (Rosfinmonitoring) will maintain a list of suspicious address identifiers to combat money laundering and terrorist financing.

The bill will need to go through two more readings before it can be fully adopted into law. During these readings, amendments may be introduced and discussed before a final vote is taken. If enacted, the law will come into effect on Sept. 1, shaping the future landscape of cryptocurrency mining in Russia.

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