Russian ministries are considering legalizing industrial crypto mining in the country, with most departments ready to grant mining legal status. Miners submitted a draft bill to ministries seeking recognition of mining as a form of entrepreneurship and assigning it a code in the All-Russian Classifier of Economic Activities. The Ministry of Energy and the Ministry of Economic Development support this move, while the Ministry of Finance is inclined to back the proposal. The Ministry of Industry and Trade, which has the final say on business classifications, is not yet convinced. However, the ice has been broken on crypto mining discussions, and a decision is expected within a month. Interdepartmental meetings on mining have been held, with the Ministry of Digital Development now participating in talks.
Miners in Russia have expressed their desire for the government to recognize their business as an industry and assign mining a code in the economic activities classifier. The State Duma has shown support for the draft bill, with several lawmakers backing the proposal. However, the Central Bank, which has previously called for a ban on crypto mining, has not yet made its stance clear. Authorities are considering two options for legalization, one involving the creation of a new separate category for crypto mining and the other adding mining to an existing section of the database. The finance ministry is also interested in taking the industry out of the legal grey zone, expecting a tax windfall if mining becomes legal. A previous crypto mining bill submitted to the State Duma in 2022 failed to pass the committee stage, and a legislative proposal brought to the Minister of Industry and Trade in 2023 was also unsuccessful.
The head of the Russian Industrial Mining Association stated that with more attractive market conditions, Russian industrial miners have the potential to push the United States out of first place in the industry. The association announced that Russian industrial miners are ready to invest $4 billion in the industry. The Ministry of Energy, Ministry of Economic Development, and State Duma lawmakers have shown support for legalizing industrial crypto mining in Russia. However, the Ministry of Industry and Trade, which has the final say on business classifications, is not yet convinced. The Ministry of Finance has previously suggested legalizing industrial mining and banning private mining ventures, indicating potential support for the proposal.
Russian authorities are considering two options for legalizing industrial crypto mining in the country, one involving creating a new category for mining and the other adding mining to an existing section of the database. The Ministry of Energy and the Ministry of Economic Development have expressed support for granting mining legal status, while the Ministry of Industry and Trade is hesitant. The State Duma lawmakers have backed the draft bill proposed by miners but the Central Bank, which has previously called for a ban on crypto mining, has not clarified its stance. The finance ministry believes that legalizing mining could lead to a tax windfall and take the industry out of the legal grey zone. Previous attempts to pass a crypto mining bill in 2022 and 2023 were unsuccessful, but miners are hopeful for a favorable decision from the government in the near future.
