A draft law on the regulation of mining has been submitted to the State Duma
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A bill has been submitted to the State Duma that regulates the procedure for mining digital currencies and their subsequent sale. The adoption of this law will transfer mining to the legal field. Document published in the electronic database of the lower house of parliament.
The authors of the bill were 16 deputies. They represent all five factions of the State Duma: “United Russia”, “New People”, the Communist Party of the Russian Federation, the Liberal Democratic Party, “A Just Russia – For the Truth.” Anatoly Aksakov, head of the Duma Committee on Financial Markets, who is a co-author of the document, said that they would try to pass the bill in three readings in December.
According to the bill, miners will be able to sell the mined digital currency in two ways from January 1, 2023. The first is through foreign systems without complying with the law on foreign exchange regulation. The second way is through a special platform that will be created in Russia as part of an experimental legal regime. In both cases, the transactions will need to be notified to the Federal Tax Service. In addition, the bill establishes a ban on cryptocurrency advertising.
In accordance with the bill, the requirements for the activities of individuals and legal entities engaged in mining will be established by the government in agreement with the Bank of Russia. Control over compliance with the requirements in the field of mining will be carried out by the federal executive body. It will be determined by the government.
Deputy Chairman of the Duma Committee on Information Policy Anton Gorelkin said that before the adoption of the amendments in the second reading, the deputies would soon discuss the bill with experts and representatives of the industry.
In September, Prime Minister Mikhail Mishustin instructed the Ministry of Finance, the Central Bank, Rosfinmonitoring, the Federal Tax Service and the FSB to develop a unified position on the laws governing mining, as well as the issuance and circulation of digital currencies. Offices must submit their proposals by mid-December this year. The prime minister said that under the sanctions, cryptocurrencies would help ensure uninterrupted payment for the import and export of goods.
How the authorities propose to regulate cryptocurrencies – read the material “Mining tests initiatives”.
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