Miners in Russia will be subject to mandatory state registration

09-09-2021

Anatoly Aksakov, deputy of the State Duma of the Federal Assembly of the Russian Federation, proposed to add crypto-assets mining to the register of entrepreneurial activities. According to him, mining should be legalized and subject to taxation. 

Now mining of cryptocurrencies can be legalized in case of registration of IE. Representatives of the State Duma argue that mining does not differ from other types of business activities. Like any business, cryptocurrency mining requires initial capital and involves risks. 

Lawyers warn that even having registered a sole proprietorship, miners will not be able to fully dispose of mined digital coins on the territory of Russia. The law “On CFA” has a clause prohibiting Russian residents to accept crypto-assets as a means of payment. Miners will be able to exchange cryptocurrency for fiat money or use it in other countries to buy goods/services. 

Regulation of mining makes it easier to legalize mining farms, which at the moment are not registered. At the same time, experts emphasize that cryptocurrency mining can become an effective business only on an industrial scale. 

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