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Russia Advances Bill to Regulate Cryptocurrency Mining, Aims to Curb Illegal Activities

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Russia’s State Duma has advanced a bill to regulate cryptocurrency mining, aiming to curb illegal activities and promote investment and employment. The bill, proposed by Anatoly Aksakov, chairman of the Duma Committee on Financial Markets, and supported by key deputies, mandates strict guidelines for miners, including registration and government oversight. If passed, the law will take effect on September 1, 2024.

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On July 24, the State Duma, the lower house of the Federal Assembly of Russia, approved the bill in its first reading. This legislation aims to formalize the process and conditions for mining digital currencies in Russia, providing legal clarity and mitigating risks associated with illegal mining activities.

Proponents argue that regulation will attract investment and generate employment in the sector. Nikita Chaplin, a member of the State Duma’s Budget and Taxes Committee, stated:

“The bill helps reduce the risks of illegal mining activities and related offenses. The established requirements and controls make it more difficult to circumvent the law and use digital currencies in illegal transactions.”

Chaplin added that regulating mining at the legislative level could stimulate industry development, attract investment, and create new jobs. He noted that Russian miners produced approximately 54,000 bitcoins last year, valued at over $3.5 billion.

The proposed law sets strict guidelines for individuals and entities involved in cryptocurrency mining, with oversight from the Ministry of Digital Development. Registered Russian legal entities and individual entrepreneurs can mine legally, while non-registered Russian citizens must comply with specified energy consumption limits. Additionally, miners are required to disclose information about the obtained digital currency and related transaction identifiers to the government. The Federal Service for Financial Monitoring (Rosfinmonitoring) will maintain a list of suspicious address identifiers to combat money laundering and terrorist financing.

The bill will need to go through two more readings before it can be fully adopted into law. During these readings, amendments may be introduced and discussed before a final vote is taken. If enacted, the law will come into effect on September 1, 2024, shaping the future landscape of cryptocurrency mining in Russia.

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