The Ministry of Energy proposed to recognize mining as an industry sector – Kommersant
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The Russian Ministry of Energy proposed recognizing mining as an economic activity and establishing an industrial code of the All-Russian Classifier of Types of Economic Activities (OKVED) for enterprises mining cryptocurrency. The Ministry of Economy supported the initiative, they reported “Izvestia” in the department.
OKVED is an activity code that an individual entrepreneur or company chooses upon registration. This code determines, in particular, the need to obtain a license, the rate of insurance premiums and the receipt of government benefits.
The first deputy chairman of the State Duma Committee on Energy, Valery Seleznev, told the publication that the Ministry of Industry and Trade, unlike the Ministry of Economy, is still opposed to changes to OKVED. The Ministry of Industry and Trade insists that a law on mining needs to be passed first.
Mr. Seleznev said that after several interdepartmental meetings on this issue, “the ice was broken” and a constructive dialogue began. According to him, the Ministry of Digital Development has now joined the discussion. He said that a decision should be made within a month. The deputy noted that the authorities are separately discussing the allocation of mining to a separate category and the inclusion of cryptocurrency mining in the already existing section of the OKVED classifier.
The deputy chairman of the State Duma Committee also emphasized the need to adopt a law on mining, because participants in this long-existing informal industry do not pay taxes. Now it finally feels like the bill will soon be approved, he said.
Valery Tumin, a member of the expert council for the development of the digital economy under the State Duma Committee on Economic Policy, told Izvestia that mining should be included in OKVED, without waiting for the adoption of the law on the mining of cryptocurrencies, so that enterprises can start working “white”. The initiative was also supported by the director of the Industrial Mining Association, Sergei Bezdelov, the newspaper reports.
Amendments legalizing cryptocurrency mining in Russia were introduced to the State Duma in November 2022. They involve a mechanism for the sale of digital currency by miners, and also prohibit its advertising or offering to an unlimited number of people. The mined cryptocurrency can be sold on foreign platforms “without using Russian information infrastructure.” The Federal Tax Service will need to be notified of transactions. In the summer of 2023, the head of the State Duma Committee on the Financial Market, Anatoly Aksakov, said that the amendments could begin to take effect as early as 2024.
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