Crypto Mining Legislation in Russia: Key Updates and Implications

Overview of the New Crypto Mining Bill

In a surprising twist of legislative fate, Russia’s latest draft of the crypto mining bill has taken shape. The recent updates reveal a real head-scratcher for the crypto community by removing significant provisions that were previously championed. One can’t help but wonder, has this bill lost its mojo?

Key Changes in the Draft

The document, which emerged from the depths of the State Duma’s archives last Friday, comes with notable changes that have left many scratching their heads. Key among these omissions is the previously proposed requirement for mining operators to join a special registry—a concept that seemed promising, now cast aside like a forgotten TikTok trend. Instead of this registry, mining firms can now merely register as sole proprietors or self-employed individuals to commence operations.

Mandatory registry for mining operators: GONE
New registration as sole proprietors: HERE TO STAY

The Disappearing Tax Amnesty

In addition to the registry hiccups, the draft also vanishes the much-anticipated tax amnesty proposal. Originally, this amnesty sought to provide a financial hug to newly registered miners by easing customs on mining hardware and past profits. It’s been snuffed out, likely due to budgetary concerns that make accountants sweat bullets.

“Possibly incurs costs on the federal budget” – Legal department of Duma

The Reason Behind the Changes

As the Duma’s legal department pointed out, the proposed registry and amnesty stood to potentially burden the federal budget. It seems like the government couldn’t quite wrap its arms around the idea of losing revenue just when it was starting to sound like a decent plan for miners.

What’s Next for Crypto Mining in Russia?

As Russia gears up to align its federal tax code with the wild west of cryptocurrency, updates are coming at a breakneck pace. Head honcho of the State Duma’s financial markets committee, Anatoly Aksakov, has hinted that any amendments could wrap up by the end of the summer parliamentary session. However, whether or not these amendments will address the mining sector remains up in the air, leaving many miners in a state of suspense.

For the time being, it seems the saga of crypto mining legislation in Russia is far from over. Stay tuned, as the twists and turns are sure to continue in this legislative thriller!