Russia Moves to Legalize Cryptocurrency Mining for Entities and Certain Individuals
A recent turn in Russia’s approach to cryptocurrency mining has emerged from the State’s upper chamber, where the budget and financial markets committee has backed the bill aimed at formalizing mining activities across the Federation. The update, reported by TASS, indicates that lawmakers expect the Federation Council to approve the initiative and that a plenary discussion is slated for early August. (Source: TASS)
First presented to the State Duma in November 2022, the draft law was crafted by a group of deputies led by Anatoly Aksakov, who chairs the financial market committee in the lower house. While the original document signaled plans for amendments, the core intent remained clear: to establish a legal framework for mining digital assets within Russia. (Source: TASS)
By late July 2024, Russia’s parliament advanced the bill through its second and third readings. The resulting provisions grant legal entities and a subset of individual entrepreneurs the right to mine cryptocurrencies. In addition, mining is made permissible for individuals who fall within electricity consumption thresholds set by the government’s cabinet. This marks a structural shift, placing mining activities under a defined regulatory umbrella rather than leaving them in a gray area. (Source: TASS)
Earlier discussions even explored a model where organic waste could power cryptocurrency mining, reflecting broader efforts to identify energy sources and optimize consumption in the sector. (Source: TASS)