Russian State Duma Advances Cryptocurrency Mining and Experimental Regime Bills

On July 24, the Russian State Duma passed a bill in the first reading concerning the regulation of cryptocurrency mining. This was announced by Deputy Anton Gorelkin on his Telegram channel.

The document establishes the legal status of industry participants. Among other provisions, it allows for the prohibition of mining in certain regions.

According to Gorelkin, an amendment will be proposed for the second reading to remove the clause banning the organization of cryptocurrency circulation in the country. This would enable the creation of exchanges and trading platforms outside the scope of experimental legal regimes.

The bill’s authors will also discuss tariff formation for miners with the Ministry of Energy.

If passed in subsequent readings, the regulatory act will come into effect on September 1.

Additionally, a bill on an experimental legal regime was passed today, permitting the use of cryptocurrencies for external payments.

Back on July 23, a separate law required miners in Russia to comply with AML standards.