The Federation Council Committee on Budget and Financial Markets has recommended that the upper house of parliament approve laws regulating cryptocurrency mining and permitting experimental legal regimes (ELR) in the financial market, according to TASS.
The mining law proposes the creation of a registry for legal entities and individual entrepreneurs engaged in the sector. The government, in coordination with the Central Bank, will establish requirements for them. Individuals will be allowed to mine digital currency within set energy consumption limits.
Miners will report to Rosfinmonitoring on the acquisition of coins, specifying the addresses where they are credited. The regulator will implement transaction monitoring to prevent money laundering or terrorism financing.
The document permits the establishment of Russian exchanges and exchangers but prohibits advertising digital currencies, their circulation, and mining.
The government is empowered to prohibit cryptocurrency mining in certain regions.
The ELR law will allow, under the Central Bank’s supervision, international settlements in cryptocurrencies or the organization of trading in such assets within a sandbox framework.
In some cases, launching experimental projects will require coordination with the FSB to prevent money laundering or with Rosfinmonitoring and the Ministry of Finance on issues of digital currency circulation and mining.
The Bank of Russia will be able to limit the volume of financial transactions and funds raised, set requirements for exchange trading organizers, and deny them such activities if warranted.
The Federation Council plans to consider both documents at a plenary session on August 2.
The State Duma passed the bills on mining regulation and experimental cryptocurrency settlements on July 30.
Representatives of the Central Bank of Russia stated that they will conduct the first cross-border cryptocurrency payments within the ELR by the end of 2024.
Previously, the head of the State Duma Committee on Financial Markets, Anatoly Aksakov, supported the creation of Russian bitcoin exchanges.