A bill on mining was submitted to the State Duma

The document defines the concept of mining and introduces a register of its participants, and also obliges individualsregister as an individual entrepreneur or self-employed.

A draft law “On Mining in the Russian Federation” has been submitted to the State Duma.The deputies propose to consolidate the concept of mining as an activity using Russian information infrastructure facilities and user equipment located in the Russian Federation, which results in the creation of a digital currency.

The document also definesmining pool. This is software and hardware that combines the computing power of several mining devices and distributes the resulting digital currency among the owners of these devices.

The bill provides forby the authorized federal body of the register of mining participants based on the information provided by such participants. Individuals will be able to mine if they register as an individual entrepreneur or self-employed person and register in the register of mining participants if they consume electricity in excess of the limits set by the government.
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The mining operator will keep a record of the generateddigital currencies, their types, agreements with users, digital currency exchange operators or payment systems and banks, exchange services that buy digital currencies. Such an operator will be able to work only if it is included in the register of mining participants.

If the law is passed within a year inthere will be an “amnesty” for mining participants registered in the register. It will affect the customs clearance of imported equipment for the extraction of cryptocurrency and the payment of relevant taxes, compliance with the legislation on currency regulation and currency control, as well as other rules.

On April 8, the Ministry of Finance finalized the draft law “Ondigital currency”, taking into account the previously received positions of departments and sent it to the Government. Certain provisions of the document, including those related to mining, have been clarified and specified.

The bill provides for the creationcomplex regulation of the crypto market, including the procedure for performing transactions with digital currencies and their release, as well as determining the features of the activities of subjects

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