Russia’s Ministry of Finance announced a modification to a law aimed at enacting comprehensive cryptocurrency regulations in the country. The bill’s revision took into account the most recent stances and viewpoints of various government institutions on the subject.
In this context, the Russian Federation’s Ministry of Finance altered the draft bill intended to regulate the Russian crypto space. Provisions for cryptocurrency mining have also been added to the amended text.
The bill, which was first introduced to the Russian government in February, proposes to control crypto transactions as well as the activities of crypto market participants in the country. It was created to fill up the regulatory loopholes left after the passage of the “Digital Financial Assets Act.” The draft resolution “on Digital Currency” has been resubmitted to Moscow’s cabinet of ministers for consideration, and it could be adopted at the spring session of parliament.
The Russian cryptocurrency law will go through these steps and include the following provisions:
- The provision concerning crypto mining has been addressed in the updated legislation. The mining provision was included after numerous representatives from key ministries expressed reservations about the concept of recognizing bitcoin mining as an entrepreneurial activity under Russian law and taxing it accordingly.
- The new law, as well as amendments to the Russian Tax Code pertaining to cryptocurrency operations, will most likely be adopted during the State Duma’s spring session, according to Bitcoin.com, citing Anatoly Aksakov, chair of the Financial Market Committee in the lower house of the Russian parliament. The presently revised ‘On Digital Financial Assets’ legislation, which aims to legalize cryptocurrencies, regulate crypto investments, and regulate the crypto market, was first filed to the Federal government in February.
Nonetheless, the draft resolution is a significant step towards the acceptance of crypto in the world.
