Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Russian Assembly seeks to regulate crypto mining as a business

Cryptocurrency Sep 09, 2021 09:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Russian Assembly seeks to regulate crypto mining as a business

Following its decision to endorse the cryptocurrency industry in January, the Russian government is now trying to regulate crypto mining activities.

Local lawmakers appear to be serious about regulating the crypto industry as proponents of the sector push to attract global crypto mining operators.

The current chairman of the Russian State Duma Committee on Financial Markets, Anatoly Aksakov, asserted that Russian lawmakers are beginning to consider the crypto mining industry as a form of entrepreneurship under local business laws, according to a report by TASS news agency on Sept. 8. He said:

As this [crypto mining] is a type of entrepreneurial activity, it is obviously necessary to include it into the state register, to regulate it as a type of entrepreneurship under an appropriate code, and impose relevant taxation.
He revealed that the government was developing several legal initiatives related to the crypto industry and might proceed to approve bills for crypto taxation, mining, and digital currency issuance in no distant time. Aksakov also emphasized the need to provide more regulatory coherence for digital currencies, noting that:

We still need to discuss what digital currency actually is, although we call it currency, it is rather used as a financial instrument, or a financial asset that is a subject to investment, rather than a means of payment.
According to a former senior lawyer at Deloitte CIS and director of Alfacash, Nikita Soshnikov, “practical implications for the industry will be limited to the business registration and tax obligations, of course, with a certain degree of official recognition as a legitimate business.”

Russia adopted a basic legal framework for regulating cryptocurrencies in January 2021 as part of its law on “Digital Financial Assets.” The law restricted the use of cryptos as a means of payment. And although the government legalized cryptocurrency investments, the law did not clarify regulations like taxation, mining, and rules for owning or reporting crypto holdings.

Russia’s State Duma Committee also introduced a draft law to tax cryptocurrencies that treat digital currencies as property back in February.

Continue reading on BTC Peers

Russian Assembly seeks to regulate crypto mining as a business
 

Related Articles

Can Metaverse technology enhance human-AI efficiency?
Can Metaverse technology enhance human-AI efficiency? By Cointelegraph - Jun 25, 2022

XR felicitates dynamic collaboration in the metaverse, enabling white-collar work in an intimate office environment.A metaverse driven by AI enables users to take up tasks that are...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email