Aksakov: Russian authorities discuss a full ban on cryptocurrency purchases

Russian authorities are weighing a range of options for regulating cryptocurrencies—from a complete ban on ownership and purchases to the legalisation of bitcoin exchanges, Anatoly Aksakov, head of the State Duma Committee on the Financial Market, said, according to Interfax.

“There are very strict approaches to completely ban the purchase and ownership of cryptocurrencies. There is an approach that there should be appropriate crypto exchanges, exchanges should be legalised so that everything is transparent, clearly regulated by the authorities, and the Federal Tax Service would find it easier to tax these operations,” he said.

According to Aksakov, in the spring session of 2022 it is necessary to conclude all discussions related to defining and taxation of cryptocurrencies, “so that in the next tax period there is a full understanding of how all this should be regulated”.

He stated again the need to recognise mining as a form of entrepreneurship and to provide miners with electricity at a special price for industrial consumers:

“I think we will reach that point; I believe it is necessary to legalise it, including from the taxation perspective and from the electricity consumption perspective as a business entity, and not as individuals who receive electricity at discounted tariffs.”

In February, the State Duma of the Russian Federation adopted a bill on taxing cryptocurrency transactions in the first reading, despite criticism. Since then, the document has been refined.

In November, the Duma announced the preparation of a bill regulating mining and formed a working group for discussion. Representatives of several ministries supported the idea to treat cryptocurrency mining as entrepreneurship.

The Prosecutor General’s Office of the Russian Federation prepared a draft law recognising crypto assets as property for use in the Criminal Code, and drafted provisions for their confiscation.

In December, the Federation Council announced the formation of a working group to develop further regulation of cryptocurrencies. The Ministry of Finance expressed hope that the regulation of the industry would be resolved next year.

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