The regulators of Russia want to put a certain regulatory framework on the crypto mining operations to impose tax and regulation on the mining activities.
Russia regulated the whole crypto market in January 2021 under the law “On Digital Financial Assets” to prohibit the use of crypto assets in the payment option. Now Russian lawmakers are considering proper regulation on the crypto mining industry.
In the present time, huge crypto mining businesses are looking for crypto-friendly locations to set up and run their mining operations but there are regulators which think that it is mandatory for now to regulate the crypto mining operations in Russia because these are under entrepreneurship under local business laws.
According to the report of the TASS on 8 September, the chairman of the Russian State Duma Committee on Financial Markets, Anatoly Aksakov, the regulators of Russia are planning to categorize crypto mining operations under local business entrepreneurship.
“As this is a type of entrepreneurial activity, it is obviously necessary to include it into the state register, to regulate it as a type of entrepreneurship under an appropriate code, and impose relevant taxation,”
According to Aksavov, regulators are working on this concern to make new legal initiatives and probably the new bill will impose many types of regulation and rules on crypto like crypto taxation, mining and digital currency issuance.
It seems that Russian regulators want to fix those mistakes which are in existing rules or maybe they will bring new bills alongside existing laws to restrict the crypto business in a particular direction.