On November 17, a law was introduced to legalize the mining of cryptocurrency and the sale of this mined cryptocurrency.

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New crypto may be sold

Digital currencies obtained as a result of mining can be sold by the person who has carried out the mining of this digital currency provided that the Russian information infrastructure is not used when conducting transactions, with the exception of cases of transactions carried out in accordance with the established experimental legal regime.'

When does legislation take effect?

Anatoly Aksakov, chairman of the Duma Financial Markets Committee, told the press he expects the bill to pass all three parliamentary readings in December and enter into force on February 1.

Other sources say the bill could become law on January 1.

Aksakov:

“Passage of the law will bring this activity into the legal field and allow for the formation of a law enforcement practice on issues related to the issuance and circulation of digital currencies.”

What is changing?

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There are also other things in the proposal, including definitions of cryptocurrency mining and mining pools. It also bans cryptocurrency advertising in Russia.

If the law is passed, a Russian platform for selling cryptocurrency will be set up and Russian miners will be able to use foreign platforms. In the latter case, the Russian currency controls and regulations would not apply to the transactions, but would have to be reported to the Russian tax authorities.

Crypto in financial markets

A Nov. 7 Central Bank of Russia document said the country is preparing to introduce digital assets to its markets. The Moscow Exchange has drafted a bill on behalf of the Central Bank to allow the trading of digital financial assets in September.

The newspaper Izvestia wrote on Friday that major Russian brokers and the stock exchange are preparing for the entry of private investors into the market.

Crypto impossible to ignore

Due to the invasion of Ukraine, Russia has been cut off from the entire monetary world (with all its consequences). That's why the Russian central bank says cross-border crypto transfers are impossible to avoid.

The Bank of Russia wants to work with the Ministry of Finance to legalize Bitcoin and crypto for international payments. Deputy Finance Minister Alexei Moiseev said the central bank should work with the Ministry of Finance to make the whole process seamless. After the collaboration, cross-border payments should be easy.

Russia passed a major crypto law early this year, banning businesses and residents from using crypto such as bitcoin for foreign payments. The goal of the central bank was to protect the ruble not only in Russia but also abroad.

But President Putin thought this was a bad idea, and the law was changed.

In March this year, just as Russia was facing financial blockades from the rest of the world, there was talk of accepting Bitcoin for gas, oil, and other commodities.

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