The Russian State Duma, the lower chamber of government in Russia, presented a measure that legalized the mining and selling of cryptocurrency.
It is not currently possible to settle Russian transactions using cryptocurrency.
Anatoly Akosakov, chairman of Duma Financial Markets Committee stated that he expected the measure to pass all three readings in parliament during December and that it would enter effect on February 1.
According to other reports, the measure officially becomes a law on January 1.
The experimental sales regime is possible because of the 2020 legislation regarding digital innovation.
The proposed legislation defines mining cryptocurrencies and participation in mining pools.
It also makes it illegal to promote cryptocurrencies in Russia.
If the bill passes, a Russian platform will be created for selling cryptocurrencies. Russian miners will also be permitted to use platforms that are not located in Russia.
In the second scenario, transactions would not be subject to any currency restrictions or rules Russia has set up, but they would still have to be reported to the Russian tax authority.
Despite the fact there is no taxation on mining operations at the moment, crypto mining is quite popular in Russia.
A study by the Central Bank of Russia published November 7th. It indicated that Russia was preparing for digital assets’ entry into its markets.
In September, the Moscow Exchange created a bill for the Central Bank that allowed trading in digital assets. This law was designed to facilitate digital asset trading.
Russian officials developed a policy regarding cryptocurrency use in international financial transactions in September.
Russian crypto miners and users must comply with not only Russia’s regulations, but also any international sanctions.