Russia's updated crypto mining bill cuts tax amnesty for Bitcoin miners
Legislators in the lower house of Russia's parliament also dropped the notion of a special register for mining operators. In less than a month, the draft of a crypto mining bill in the Russian parliament has lost several key points, such as the obligation for mining operators to join a special registry and a one-year tax amnesty for all those who've registered. As the reasoning goes, the previous draft would lead to federal budget losses. The fresh draft of the law “On mining in Russian Federation,” dating to May 20, appeared in the database of the lower chamber of the Russian parliament,....
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A new draft law has replaced an earlier bill introducing a one-year tax and customs amnesty for cryptocurrency miners in Russia. The initial proposal has been withdrawn on the grounds that the tax break would have resulted in losses for the state budget. Revised Crypto Mining Legislation Submitted to Russian Parliament Without Amnesty for Miners Russian lawmakers have again filed legislation with the State Duma designed to regulate cryptocurrency mining. The new draft substitutes a bill submitted at the end of April, which has now been withdrawn. The revised version is missing some....
Crypto mining falls under the “gray zone” in Russia, which means even though it's not banned, it doesn’t fall under the purview of law which could pose risks for those involved. Crypto miners account for two percent of the total electricity consumption in Russia, according to the latest government estimate.The energy consumption share of the crypto mining industry has exceeded the country’s agricultural sector, showing signs of recovery after Russia fell out of the top three in the global Bitcoin (BTC) mining hash rate share.Russia's deputy minister of trade and industry Vasily Shpak....
Moscow has adopted a positive stance toward digital assets after its invasion of Ukraine triggered a sharp response from Western nations in the form of sanctions. The Russian Federation is reportedly considering accepting cryptocurrencies for international payments in response to Western sanctions against the country that were prompted by its full-scale invasion of Ukraine earlier this year. The Moscow-based Interfax news agency and Reuters reported Friday that Ivan Chebeskov, who heads the Financial Policy Division within Russia’s Finance Ministry, is actively considering the possibility....
Crypto farms in Kazakhstan will remain unplugged until Feb. 7, as the local utility has extended power cuts for miners. The company points to ongoing difficulties with electricity supply as the main reason for the measure, which was supposed to expire at the end of January.
Mining Facilities in Kazakhstan Still Shut Down
Data centers authorized to mint digital currencies in Kazakhstan will not be able to operate at least until next Monday, Feb. 7, after the country’s power distribution company extended previously introduced supply restrictions for another week.
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The Central Bank of Russia would agree to the legalization of cryptocurrency mining, provided the proceeds from the activity are converted to fiat outside of Russia. The regulator’s latest position on the matter comes after it softened its stance on the possible use of cryptocurrencies for payments, even if only internationally.
Central Bank of Russia to Accept Legalization of Cryptocurrency Mining
The monetary authority in Moscow is now ready to back the legalization of crypto mining under the condition that Russian miners are obliged to sell the coins they obtain in....