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Russia to Allow Crypto Mining for Certain Areas in the Region

Russia to Allow Crypto Mining for Certain Areas in the Region

The Ministry of Economic Development has proposed a specific regulatory framework to legally mine crypto in Russia.

Russia has been struggling to get past the hurdles of crypto regulation, with some institutions opposing the idea of digital assets becoming part of the economy. However, after the President of Russia Vladimir Putin had shown support for crypto asset mining, other government authorities seem to be also falling in line.

According to a recent report, the regulatory measures have already been approved by the Economy Ministry of Russia, with discussions going on about mining in areas with an electricity surplus. 

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With that being said, the ministry suggests limiting the power usage for mining operations, but with lower expenses to establish and operate crypto mining facilities. This is done in order to conserve energy in populated areas, and reduce the chance of power outages that recently happened in the Irkutsk Oblast due to crypto mining.

According to the news post, the Ministry of Economic Development proposes to license crypto mining so that it is properly taxed and regulated by the government of Russia. 

It is still uncertain whether this proposal will take off any time soon due to the ongoing battles between government institutions in Russia, especially the Central Bank. 

However, based on earlier reports, the majority of Russian authorities were in favor of issuing a particular regulatory framework on cryptocurrencies so they can be operational within the region.

Likewise, there was a report that Russians hold 12% of all circulating crypto assets, reaching almost $220 billion in total.

Even large banking institutions in Russia like Sberbank were in favor of regulating crypto assets rather than shying away from the idea, especially after launching its first ETF in the region.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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