A notable proposal from Artem Kiryanov, who serves as Deputy Chairman of the State Duma Committee on Economic Policy, centers on legalizing mining activities within Russia. This position, reported by Lenta.ru, signals a move to place cryptocurrency mining under defined legal boundaries and formal state oversight. The MPs’ argument rests on a simple premise: facts that exist must be described and governed by law, and mining is no exception to this rule, requiring clear regulatory definitions and procedures.
Kiryanov echoed the view that Russia currently operates without a robust legal framework for mining, describing the situation as a process in motion rather than a completed system. He emphasized that the absence of a solid framework translates into billions of dollars in potential budget revenue remaining untapped each year. In his estimation, proper regulation could translate into tangible tax revenues for the state budget, strengthening public finances and providing budgetary predictability.
Beyond revenue, the parliamentarian pointed to a noticeable gap in reliable analytics about the industry’s present state. Without dependable data, policy choices risk being misinformed or reactive. He asserted that a consolidated concept of mining, including the procedures companies must follow and the regulatory safeguards that would curb illicit activity, could stabilize the industry and create consistent income for the Russian Federation’s treasury.
Kiryanov noted that the State Duma has been debating this topic for an extended period. He added that a majority of deputies support taking formal decisions to regulate mining, underscoring a broad political appetite for action rather than continued ambiguity. Prior to these discussions, Izvestia had already indicated support for recognizing cryptocurrency mining as a legitimate industrial activity within Russia, with suggestions that it be assigned a specific industrial OKVED code to reflect its economic role accurately.
Historically, the call to integrate mining into the formal economy has been framed as a strategic step to harness tax revenue, attract investment, and bolster energy and technology sectors. Proponents argue that a clear legal regime would reduce operational uncertainty, improve transparency for investors, and align the industry with broader financial and digital economy goals. Critics, meanwhile, caution that rapid regulatory changes must consider energy consumption, grid stability, and equitable taxation. The debate continues as lawmakers, industry participants, and analysts weigh potential benefits against possible risks and implementation challenges. The evolving discussion suggests the government is prioritizing a coherent national strategy for digital assets and their economic implications, rather than treating mining as an informal or speculative activity. [citation: Lenta.ru]
In related developments, national media have reported that the idea of formalizing cryptocurrency mining continues to gain attention as part of a broader conversation about Russia’s industrial policy and the role of digital technologies in the economy. The emerging framework would aim to provide clear legal definitions, standardized procedures for operation, and consistent fiscal contributions, while also ensuring that oversight keeps pace with technological change. As policymakers deliberate, the balance between encouraging legitimate activity and preventing misuse remains central to the discourse. [citation: Izvestia]
Overall, the discussion reflects a wider recognition that mining, if properly regulated, could become a stable and measurable source of government revenue. The emphasis remains on crafting a comprehensive regulatory model that covers licensing, environmental considerations, energy usage, anti-money-laundering controls, and taxation. Such a model would enable the industry to grow within a transparent framework, offering both economic benefits and stronger governance for a digital economy that many see as essential to Russia’s future competitiveness. The conversation continues to evolve as data, policy design, and industry dynamics intersect, shaping the path forward for mining in the Russian Federation.