The State Duma plans to consider bills on crypto regulation this month

Currently, a whole package of bills on the regulation of cryptocurrencies is being approved by the State Duma of the Russian Federation. The regulator will consider it in November. About it writes TASS publication with reference to the head of the financial market committee Anatoly Aksakov.

The agreement took a long time

According to the official, the topic of agreeing on new legislation has been delayed due to the complexity of communication between all interested market participants.

He clarified that at first the discussion was held with the Central Bank, which is skeptical about cryptocurrencies. During negotiations with representatives of the regulator, new organizations appeared, for which issues regarding the mining of digital assets are at the forefront.

Aksakov noted that the new bills will affect the following areas:

• mining of cryptocurrencies;
• experimental legal regimes;
• taxation;
• liability for illegal implementation of crypto-activities.

The head of the State Duma committee promised that he would personally initiate a discussion on regulating the industry during the next government meeting.

Regulation of mining

Recently, the first Industrial Mining Association (IPM) appeared in Russia. It was founded by five companies that mine digital assets in the Russian Federation. The initiative was approved by representatives of the State Duma: Aksakov said that in this way organizations will be able to defend their interests and propose options for regulating the industry.

In mid-October, the country’s Ministry of Energy proposed introducing special tariffs for mining. All this is caused by a shortage of electricity in some regions of Russia, where digital assets are mainly mined. According to Pavel Snikkars, it is planned to increase tariffs several times – from two to five.