12M
...
Russian crypto industry leaders and business magnates have united to draft a bill aimed at legitimizing the country’s flourishing crypto mining activities. The initiative, spearheaded by Alexander Brazhnikov of the Russian Association of Cryptocurrency and Blockchain (RACIB), has been disclosed amidst growing enthusiasm for crypto within Russia, where citizens reportedly own over 12 million cryptocurrency wallets, holding assets worth $108 billion. The proposed legislation seeks to bring mining operations out of the regulatory shadows, potentially enabling lawful business ventures and attracting significant investments, including a $4 billion commitment to new data centers by the mining community.
The bill, supported by key lawmakers, proposes classifying mining as an official economic activity, thereby opening the door to state taxation while ensuring a secure future for mining enterprises. Furthermore, it suggests the establishment of a legal framework for converting mined digital assets and possibly introducing a state-managed crypto exchange to facilitate cross-border trade using cryptocurrencies. This move could mark a significant shift in Russia’s approach to the crypto economy, signaling a willingness to embrace the sector’s potential benefits while addressing regulatory and legal challenges.
