The Digital Currency Bill
The Russian Ministry of Finance has modified a law that is meant to provide comprehensive regulations for the country’s cryptocurrency industry.
According to the Department of Justice, the most recent version now takes into consideration the viewpoints taken by other federal institutions on the subject, which were revealed Friday.
The finished draft legislation “On Digital Currency” has been returned to the Russian cabinet of ministers for consideration and approval.
It is the goal of the law, which was first filed to the Russian federal government in February, to control cryptocurrency transactions in Russia, as well as the activities of crypto market participants. It was drafted in order to close the regulatory loopholes left open after the passage of the “Law on Digital Financial Assets.”
Anatoly Aksakov, the head of the Financial Market Committee in the lower house of the Russian parliament, has said that the new legislation, as well as revisions to Russian Tax Code relevant to cryptocurrency activities, are expected to be implemented during this year’s spring session of the State Duma.
The Bill is now more clarified
The Finance Ministry said that some aspects of the law, particularly those relating to the regulation of cryptocurrency mining, have been clarified as a result of edit.
The usage of bitcoin in payments has been faced with criticism, most notably from the Central Bank of Russia and most recently from Prime Minister Mikhail Mishustin, nevertheless, many Russian politicians have welcomed efforts to recognize mining as a legitimate kind of business in the country.
After calling for a blanket ban on cryptocurrency-related activity, including mining, in January, the Bank of Russia was met with opposition.
However, the Russian government has agreed with Minfin that the sector should be regulated rather than limited. Putin urged them to work out their disagreements and stressed Russia’s potential as a mining destination in his address to the Russian parliament.
Russia wants to accelerate Cryptocurrency Adoption
As recently as February, the Ministry of Economic Development advocated allowing the extraction of digital currency in areas where there is a surplus of energy while also providing miners with reasonable electricity prices.
In late March, the Ministry of Energy urged for the legalization of bitcoin mining as soon as possible, as well as the implementation of regional energy quotas for bitcoin farms. A proposal to adopt an experimental legal regime for mining was made this week by the Ministry of Industry and Trade and the Ministry of Construction, Housing, and Utilities.