As Russian cryptocurrency advocates are working to attract global crypto mining operators, local lawmakers have gotten more serious about regulating the industry.
Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, claimed that Russian lawmakers are now considering recognizing the crypto mining industry as a form of entrepreneurship under local business laws, TASS news agency reported Sept. 8.
“As this [crypto mining] is a type of entrepreneurial activity, it is obviously necessary to include it into the state register, to regulate it as a type of entrepreneurship under an appropriate code, and impose relevant taxation,” Aksakov said.
He said that the government is actively working on several legal initiatives related to the crypto industry, expecting to move forward with bills for crypto taxation, mining and digital currency issuance in the near future. Aksakov also stressed the need to provide more regulatory clarity for digital currencies, stating:
“We still need to discuss what digital currency actually is, although we call it