As per an article from the local website Izvestia, Russia’s Ministry of Economic Development, Ministry of Energy, and State Duma believe that cryptocurrency mining should be licensed and controlled as a commercial enterprise.
According to Izvestia, the Ministries, and the Duma, Russia’s lower house of representatives, crypto miners want to be recognized as entrepreneurs. According to a Monday report, the Russian central bank does not endorse this plan, noting the hazards involved with cryptocurrency.
And pertaining to the Center of Alternative Finance at the University of Cambridge, Russia was the third in the world cryptocurrency mining country in August, trailing only the United States and Kazakhstan.
According to the report, the economic ministry believes that regulation will benefit both the government and the crypto business and that crypto mining fits well under the notion of entrepreneurship in Russia’s civil code.
The organizations want to create a new industrial classification code that mining companies can use to register their businesses.
Anatoly Aksakov, the chairman of the Duma’s finance committee, stated that while crypto miners are not prohibited in Russia, the rules governing taxation remain unclear. Thus according to Izvestia, it was stated that the industry must be assigned a classification code and taxation systems must be established.