State Duma to consider a law on Mining

State Duma to consider a law on Mining

A draft law “On Mining in the Russian Federation” has been submitted to the State Duma.

Deputies propose to fix the concept of mining as an activity with the use of Russian information infrastructure facilities and user equipment located in the Russian Federation, the result of which is the creation of digital currency. About this writes RBC Crypto.

The document also spells out the definition of a Mining pool. It is software and hardware, which combines the computing power of multiple Mining devices and distributes the resulting digital currency to the owners of those devices.

The bill provides for an authorized federal body to maintain a register of mining participants on the basis of information provided by such participants. Individuals will be able to engage in Mining, provided they register as a sole proprietor or self-employed person and are registered in the register of mining participants, if they consume electricity in excess of the limits set by the government.

A Mining operator will keep records of digital currencies generated, their types, contracts with users, with digital currency exchange operators or payment systems and banks, exchange services that buy digital currencies. Such an operator will be able to operate only if it is included in the register of Mining participants.

If the law is adopted, an “amnesty” will apply to those registered in the register of Mining participants within a year. It will affect the customs clearance of imported equipment for cryptocurrency Mining and 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 bill “On digital currency” taking into account the earlier positions of departments and sent it to the Government. Certain provisions of the document, including those related to Mining, were clarified and specified.

The bill provides for the creation of a comprehensive regulation of the Crypto market, including the procedure for transactions with digital currencies and their issuance, as well as determining the characteristics of the subjects of the Crypto market.

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Written by Renat
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