Lawmakers postpone the adoption of Russia’s new crypto mining law.
in November, will be resubmitted to the lower house of Russian parliament after additional consultations, according to Anton Gorelkin, deputy chairman of the parliamentary Committee on Information Policy.
The lawmaker explained that the consideration of the regulations is a difficult process. “As a co-sponsor of the bill, I can confirm that it will be postponed. I hope that this year we will be able to implement it in some form,” Gorelkin elaborated, quoted by the crypto news outlet Forklog. Russian parliamentarians and other officials have been mulling over how to regulate crypto-related operations for over a year. The law aims to recognize mining as a legitimate business activity and oblige involved entities and persons to report their income to tax authorities.
According to the draft provisions, miners will be able to sell the coins abroad or on platforms operating under special legal regimes in Russia. Despite demonstrating interest in the potential use of cryptocurrencies in international settlements amid sanctions, most government institutions in Moscow remain opposed to allowing crypto payments inside the country.
Besides a profitable business, the extraction of cryptocurrencies has become a popular source of income for many ordinary Russians, especially in
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