April 20, 2024

Development of a regulatory framework for mining in Russia

Development of a regulatory framework for mining in Russia

Deputy Prime Minister of the Russian Federation Dmitry Chernyshenko instructed to include in the roadmap for regulating the crypto industryissues related to the legal status of mining. A source close to the government reported this to Izvestia.

Before this, they wanted to consider mining separatelydue to “special specificity”. Now the relevant departments, including the Ministry of Finance, the Ministry of Digital Development, the Ministry of Economy, the Ministry of Energy, the Ministry of Industry and Trade, the Federal Tax Service, the FSB and Rosfinmonitoring, have been instructed to develop a regulatory framework for the mining of cryptocurrencies and include it in the map.

Chernyshenko also ordered the organization of a working group with industry representatives on this issue with the participation of the Government Coordination Center.

Earlier, according to media reports, the Russian Deputy Prime Minister approved a roadmap for regulating the cryptocurrency market for the period until the end of 2022.

In addition to determining the status of market participants andorder of their activities, it also involves the introduction of administrative or criminal liability for crimes using cryptocurrencies, in particular for the illegal circulation of assets and evasion from declaring information about transactions with them.

Prior to this, the Central Bank of the Russian Federation advocated a complete ban on crypto assets and mining in the country. The regulator believes that the mining of digital currencies poses significant threats to the Russian economy and citizens.

Experts called the arguments given by the Central Bank in favor of a ban on mining in the territory of the Russian Federation untenable.

“It is difficult to ban what is not defined by law”:experts assessed a possible mining ban in the Russian Federation

Where is it more profitable to buy cryptocurrency? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

# Exchange: Website: Rating:
1 Binance (Editor's Choice) https://binance.com 9.7
2 Huobi https://huobi.com 7.4
3 Exmo https://exmo.me 6.9
4 OKEx https://okex.com 6.5
5 Bybit https://bybit.com 6.3

The criteria by which the rating is set in our rating of crypto-exchanges:

  • Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
  • Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
  • Additional features and services— futures, options, staking, NFT marketplace.
  • Feedback and support– we analyze user reviews and the quality of technical support.
  • Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
  • final grade– the average number of points for all indicators determines the place in the ranking.

Development of a regulatory framework for mining in Russia

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