The LDPR faction intends to submit to the State Duma a bill regulating mining. This was disclosed by Andrey Lugovoy, a party deputy and first deputy chair of the Committee on Security and Anti-Corruption, according to ИА REGNUM.
According to him, the authorities must clearly define the regulatory questions of cryptocurrency mining:
“Either we ban it outright and steer the law-enforcement apparatus, though I do not quite understand how that could be done, given that this is a virtual reality presented to us as reality, as they say. Or, let us permit it.”
He noted that in the second scenario citizens would receive protection and a clear framework for operating and taxation; the state would gain transparency, oversight and new revenues for the budget, and companies would be able to conduct business legally.
Lugovoy proposed creating an inter-committee working group to discuss the issue. The Speaker of the State Duma Vyacheslav Volodin supported the initiative.
Mining is not currently prohibited in Russia, but regulation is not codified.
In November, representatives of several Russian ministries supported the initiative to recognise mining as a form of entrepreneurial activity.
Head of the State Duma Committee on the Financial Market, Anatoly Aksakov, proposed separately outline the taxation procedure for individuals and legal entities engaged in cryptocurrency mining.
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