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Russian authorities back plan to classify mining as entrepreneurial activity

Russian authorities back plan to classify mining as entrepreneurial activity

Representatives of several ministries supported the initiative to regulate mining as a form of entrepreneurial activity. «Известия».

The Ministry of Economic Development believes that recognizing mining as entrepreneurial activity will allow taxing the income from cryptocurrency mining. The ministry is currently discussing regulation of this activity with business.

“This is precisely the arena in which the state can reap its benefit in the form of taxes, and people can legalize their incomes; large business is also increasingly interested in this,” said Alexei Minaev, deputy head of the ministry’s Department for the Development of the Digital Economy.

The Ministry of Energy also supports recognizing mining as entrepreneurial activity. The department considers that a user should report the nature of the load consumed on the electrical system at the stage of connection to it.

The Finance Ministry said that mining-related issues should be considered in the context of forming a legal framework in the field of digital currencies.

In the Central Bank, however, the idea of regulating cryptocurrency mining is not supported, as the regulator opposes any «initiatives that promote the emergence of monetary surrogates». In the central bank not once classified Bitcoin.

Mining in Russia is not currently prohibited, and its clear regulation has not been codified.

Earlier, with the idea of registering cryptocurrency mining as a form of entrepreneurship, advocated Anatoly Aksakov, head of the State Duma Committee on the Financial Market.

In October, with an analogous proposal to the government, Igor Kobzev, the governor of Irkutsk Oblast, appealed, citing rising electricity consumption due to “underground miners.” The entrepreneurs of Irkutsk Oblast proposed to develop special electricity tariffs for those engaged in cryptocurrency mining.

In October, the Ministry of Energy stated that miners would not consume electricity under residential tariffs.

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