Russia’s Duma Wants to Regulate Crypto Mining as a Business

On September 8, Anatoly Aksakov, chairman of the Russian State Duma’s Financial Markets Committee, said that Russian lawmakers are now considering recognizing crypto mining as a form of entrepreneurship under local business law.

Since this (cryptocurrency mining) is an entrepreneurial activity, it is obviously necessary to include it in the state register, regulate it as an entrepreneurial activity under appropriate regulations and impose the relevant taxes.

The government is actively carrying out multiple legal initiatives related to the crypto industry, and is expected to advance bills on crypto taxation, mining, and digital currency issuance in the near future. In addition, Aksakov also emphasized the need to provide more regulatory clarity for digital currencies, noting that there is still a need to discuss what digital currencies are, and although it is called currency, it is more like a financial instrument, or a financial asset that can be invested, rather than a means of payment.