Russia weighs licensing for cryptocurrency mining as regulators clash over the future of digital assets
In Russia, a sharp disagreement has emerged between the country’s top financial authorities and its central bank regarding how to handle cryptocurrency mining. The central bank champions a licensing regime that would require mining to operate through authorized institutions, effectively centralizing oversight and control over the activity. In contrast, the Ministry of Finance has signaled resistance to such a sweeping licensing mandate, arguing that the mining process should be brought into the legal framework but not banished to the shadows. This position was articulated by Deputy Finance Minister Alexei Moiseev, who communicated the ministry’s stance through the state news agency RIA Novosti.
Moiseev described the bank’s latest shift as a move toward total licensing. He explained that mining, if not conducted under the experimental legal regime currently in place, would be prohibited. In his view, the only viable path for miners is to operate through licensed entities and comply with established regulatory procedures. The deputy minister stressed that the Finance Ministry disagrees with the central bank on the necessity of such comprehensive licensing, arguing for a regulated, transparent framework rather than an outright ban.
Earlier, Anatoly Aksakov, who chairs the State Duma Committee on the financial market, discussed future regulatory steps during the RBC forum titled Crypto. Cryptocurrencies, mining and digital assets. The forum touched on potential plans to legalize cryptocurrency activities in Russia in 2023, signaling a period of intense debate about how to integrate digital assets into the country’s economy with appropriate safeguards.
Meanwhile, Anton Siluanov, the head of the Ministry of Finance, signaled in February 2022 that a mining ban was not the solution. He argued for placing mining within the legal sphere by creating a dedicated economic activity code and applying taxation. His remarks highlighted a preference for regulation that recognizes mining as an economic activity with defined rules rather than an outright prohibition.
Prior to these discussions, the Central Bank had urged banning cryptocurrency mining within Russian borders, citing risks to economic stability and the integrity of the financial system. The evolving debate reflects a broader global tension between innovation in digital assets and the need for prudent oversight that protects monetary policy goals and consumer protection. As regulators in Russia continue to weigh the options, observers note that any final approach will have significant implications for miners, financial institutions, and the broader economy. Source attributions: RIA Novosti and RBC forum materials.