Aksakov proposes legalising mining only for legal entities

Mining activity in Russia should be permitted only for legal entities, said Anatoly Aksakov, head of the State Duma Committee on the Financial Market, in an интервью «Известиям».

At the same time, he believes that cryptocurrency mining should be carried out in energy-rich regions.

“Mining should be undertaken only by legal entities — it must be a regulated business,” the deputy noted.

Aksakov also proposed regulating cryptocurrency taxation along the lines of the ‘financial segment’:

“I believe that, in the case of mining, taxation should be close to that established in the market for goods and services: VAT and corporate income tax should be introduced.”

According to the deputy, the bill is expected to be submitted to the State Duma in May.

The definition of mining and the basic regulatory mechanisms are laid out in the Ministry of Finance’s On Digital Currency draft.

In early April, the revised draft of the law was sent to the government.

Earlier, the Ministry of Energy said that it would be more appropriate to allocate mining sites at the regional level rather than the federal level. At the same time, a representative of the Finance Ministry, Alexei Yakovlev, spoke of the futility of banning home cryptocurrency mining.

The Ministry of Industry and Trade and the Ministry of Construction proposed establishing an experimental legal regime for cryptocurrency mining.

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