Russian lawmakers are considering legalizing the industrial crypto mining sector while imposing strict limits on home-based miners. Deputy Chairman of the State Duma Committee on Information Policy Anton Gorelkin confirmed that a new mining law will be debated in the current session. The bill may also include regulations that could ban crypto exchanges in Russia, with exceptions for companies in a Central Bank-supervised sandbox.
Industrial miners may have access to Moscow-controlled exchanges to sell tokens, but only with permission. The bill proposes that only Russian firms and operators with permission can continue mining. Individuals within energy consumption limits set by the government can mine without permits, a step back from previous efforts to ban non-industrial mining.
Reports on activities will be required from industrial miners to Rosfinmonitoring, the nation’s anti-money laundering agency. The bill may allow industrial miners to sell coins without using Russian infrastructure, potentially referencing overseas crypto exchanges. Energy providers and local government bodies may have the power to ban mining in certain regions.
Experts have mixed opinions on the bill, with concerns about its hasty drafting and chances of acceptance in its current form. The bill marks the eighth attempt to create a mining law in Russia. Despite talk of a September rollout, revisions may be necessary before a vote.