Russian ministries are considering legalizing industrial crypto mining in the country after years of pleas from miners to recognize mining as a form of entrepreneurship. Miners have submitted a draft bill to ministries, with most stating their willingness to grant mining legal status. The Ministry of Energy and the Ministry of Economic Development support this move, while the Ministry of Finance is also inclined to back the proposal. The Ministry of Industry and Trade, however, which has the final say on business classifications, is not yet convinced. Discussions on the matter have been taking place in recent weeks, with a decision expected within a month.
Some government officials have expressed support for mining, with lawmakers in the State Duma backing the draft bill. The Ministry of Digital Development, which previously had little interest in the matter, is now participating in talks. However, the Central Bank, which has previously called for a ban on crypto mining, has not yet made its stance clear. Russian miners have been calling on the government to help bring their industry out of the legal grey zone for some time, with hopes of a possible tax windfall if mining becomes legal. A previous crypto mining bill failed to pass the committee stage in the State Duma, and a legislative proposal to the Minister of Industry and Trade was also unsuccessful.
Authorities in Russia are considering two options for legalizing crypto mining, one of which involves creating a new, separate category for mining within the All-Russian Classifier of Economic Activities (OKVED). The finance ministry believes that legalizing mining could lead to significant tax revenues. The Russian Industrial Mining Association (IPM) has stated that Russian industrial miners are ready to invest $4 billion in the industry, with hopes of surpassing the United States in market dominance. Discussions are ongoing between various ministries and stakeholders, with a decision expected to be made within a month.
There have been ongoing discussions on the legalization of crypto mining in Russia, with various ministries and government officials expressing differing views on the matter. While some are in favor of granting mining legal status, others, such as the Central Bank, have been more cautious. The Ministry of Industry and Trade, which has the final say on business classifications, is not yet convinced of the benefits of legalizing mining. The Russian Industrial Mining Association is optimistic about the future of the industry in Russia, with hopes of attracting significant investments and pushing the United States out of first place in market dominance.
Overall, the outlook for industrial crypto mining in Russia appears positive, with various ministries and government officials showing support for legalization. Discussions are ongoing, with a decision expected to be made within a month. Russian miners have long been advocating for formal recognition of their industry as a form of entrepreneurship, and it seems that their efforts may finally be paying off. With potential tax windfalls and significant investments on the horizon, the future of crypto mining in Russia looks promising.
