The Russian Treasury has reportedly finalized a cryptocurrency regulation bill and is ready to apply it shortly. The law specifically touches on digital asset mining, as experts believe that digital asset mining creates new opportunities for participants. On the other hand, it can also drive investors into the “black market”.
It’s time to clarify
Russian authorities were not definitive on how to regulate the local crypto sector. At the beginning of 2022, the central bank of the country (known for its anti-cryptographic perspective) suggestion Enforce a total ban on all digital asset efforts within the Russian border.
The Treasury and President Vladimir Putin did not support this idea.former suggestion Imposing a regulatory framework on the industry is a better step, Russian leaders Insisted That code (especially the mining industry) may provide a particular benefit to his country.
After several months, the agency struggled to reach consensus. It is also safe to assume that the government’s focus must have switched primarily to the ongoing military conflict, and the issue of cryptographic regulation remains unresolved.
According to recently coverageHowever, the Russian Ministry of Finance has developed a final outlook for the law. It introduces a wide range of identification, accounting, and certification policy requirements that crypto investors need to complete:
“According to the bill, digital currencies can be accepted” as a payment method that is not a currency unit of the Russian Federation “and as an investment, but there must be no obligation associated with it. “
In addition, crypto exchanges operating within the jurisdiction of the bill could be a trading platform with a capital of at least 30 million rubles ($ 366,000), while crypto auctions hold more than $ 1.2 million. It may be an organization that has it. Both entities must present an annual report on their activities, pass internal control and audit requirements, and create separate structural units.
Only Russian-based companies can apply for the role of Digital Asset Operator. Foreign organizations need to operate in the Russian Federation and obtain a license to form a subsidiary.
Chen Limin, CFO of the ICB fund, believes Binance, the world’s largest digital asset exchange, could receive a green light to settle in Russia.Interestingly, the CZ company is already display Its intention to expand to the country.
How about crypto mining?
Putin finds the niche useful, so it’s not surprising that the main focus of the law was to apply regulations to the digital asset mining industry. father, Russia Is one of the world’s crypto mining leaders in terms of global hash rate, lagging behind the United States and Kazakhstan.
The Treasury said in its latest bill that miners would need to submit applications to the relevant registries in order for the government to provide the necessary data centers for it. Taxation is set separately:
“Finally, the bill will, for the first time, take a closer look at the mining processes that can be implemented after corporations and individual entrepreneurs are included in the relevant registries.”
Mikhail Uspensky – a blockchain lawyer – believes that these steps “somehow put this under control” and remove cryptocurrency mining from the gray market.
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