In Russia, the Ministry of Economic Development, the Ministry of Energy and the State Duma want the regulation and taxation of cryptocurrency mining.
Government officials think that a new source of income for the state can be created by including cryptocurrency mining within the scope of OKVED.
Cryptocurrency mining is not directly covered in Russia’s digital asset law, which went into effect in January, nor is it within the scope of OKVED in its current form. OKVED, introduced in 2003, is used to classify business activities in Russia by coding.
According to the news of Izvestia, the authorities started to meet with representatives from the private sector for a possible mining regulation.
Aleksey Minaev, from the Department of Digital Economy Development under the Ministry of Economic Development, thinks that the mining industry “deserves” to be regulated.
“Exactly at this point, the state can benefit through taxation and people’s sources of income can be legalized. Big businesses are also becoming more and more interested in it.”
Although citizens can transact with cryptocurrencies defined as property, they as a means of payment can’t use it. Regarding cryptocurrency mining where no ban is applied uncertainties exists.
While officials from the Ministry of Economic Development, the Ministry of Energy and the State Duma suggested that mining should be placed on a legal basis, the Central Bank of Russia did not allow such an initiative. he opposed transferred.