Crypto Mining News Daily

Sunday, June 16, 2024
HomeNewsRussia Set to Recognize Bitcoin Mining as Official Economic Activity

Russia Set to Recognize Bitcoin Mining as Official Economic Activity

-

In a significant development, Russia is poised to recognize Bitcoin mining as an official economic activity, according to Osman Kabaloev, Deputy Director of the Financial Policy Department at the Ministry of Finance. This move would assign an OKVED code to the mining activity, allowing companies to obtain licenses and benefit from state benefits.

The recognition of Bitcoin mining as an economic activity would help miners operating in Russia to move out of the gray zone and into a more regulated and transparent environment. The OKVED code would classify companies based on their specific economic activities, affecting insurance premiums, tax specifications, and state benefits.

Kabaloev emphasized that the recognition would only be possible after the passage of a law regulating cryptocurrency mining activities. The Ministry of Finance expects the regulation to be finalized and approved this year, paving the way for the issuance of cryptocurrency mining-specific OKVED codes.

The legalization of cryptocurrency mining was introduced to the Russian State Duma in 2022 but has yet to pass its first discussion. However, experts believe that the recognition of Bitcoin mining as an economic activity would be a significant boost to the Russian crypto-mining industry.

Alexander Razuvaev, a member of the supervisory board of the Guild of Financial Analysts and Risk Managers, believes that this move would be very positive for the development of the Russian crypto-mining industry. “If this happens, then Russian industrial mining can play a significant role in the global market,” he concluded.

The recognition of Bitcoin mining as an official economic activity would be a significant step forward for the Russian crypto-mining industry, and it remains to be seen how this development will impact the global crypto-mining landscape.

Source: Bitcoin.com

LATEST POSTS

Most Popular

Learn How to Mine Crypto

Join our mailing list and receive a free copy of Crypto Mining 101, our detailed guide on how crypto mining works, must have tools to get started, and how to be successful.

Note: We’ll never sell, trade, or abuse your information, and it’s simple to opt out! Read our Privacy Policy here.