The Ministry of Finance of the Russian Federation supported the idea of ​​​​official recognition of mining

CrimeaPRESS reports:

The agency is ready to recognize the mining of cryptocurrencies as an economic activity and assign the code of the all-Russian classifier of types of economic activities to mining, they report «News».

The Ministry of Finance of the Russian Federation supports the idea of ​​​​officially recognizing mining, Izvestia reports, citing the words of the deputy director of the department of financial policy of the ministry, Osman Kabaloev. Kabaloev noted that the Ministry of Finance advocates recognizing the mining of cryptocurrencies as an economic activity and assigning the code of the All-Russian Classifier of Types of Economic Activities (OKVED) to mining.

As far as we know, colleagues from the Ministry of Economic Development have alreadyare processing this issuehe said.

The number of cryptocurrency owners in the world has already reached 562 million people, notes Anton Nemkin, a member of the State Duma Committee on Information Policy, Information Technologies and Communications.

At the same time, in 2023 the increase in the number of owners was 34%. In Russia, according to experts, the number of cryptocurrency owners can reach at least 9 million. Cryptocurrencies are gradually becoming a significant payment tool, including in terms of cross-border payments. Of course, this segment needs to be whitewashed and an optimal regulatory framework must be built, since its scale will only increase, – the deputy believes.

Nemkin recalled that a revised bill on regulating mining activities is currently being prepared for consideration.

The bill establishes key concepts for the market, first of all, “mining digital currency.” The amendments imply that the requirements for the activities of individuals and legal entities engaged in mining digital currency will be established by the Government of the Russian Federation in agreement with the Bank of Russia. Controlling functionality will be transferred to the Russian Ministry of Digital Development. The State Duma is also considering a new version of the bill on cross-border payments in cryptocurrencies. If adopted, the Bank of Russia, from September 1, 2024, will be able to begin creating an experimental platform in the field of using cryptocurrency as a means of payment under foreign trade agreements— said the deputy.

According to Nemkin, assigning the OKVED code to mining will bring the segment into the legal field, as well as increase tax collection.

In addition, assigning a code will allow for effective accounting and monitoring of mining in the country, which is especially important when planning the load on power grids, and will also provide a full understanding of the state of the industry’s tax base— said the deputy.

Nemkin emphasized that representatives of the sphere have long been ready to work “in white”.

Let me remind you that in Russia there is already an association for industrial cryptocurrency mining, one of the goals of which is to develop a legislative framework for regulating the industry. Despite the fact that mining is a fairly young area in Russia, the country has already taken second place in the world in cryptocurrency miningnoted the deputy.

Market players are gradually moving to a consensus on the issue of legalizing the market, the deputy emphasized: “For example, the Ministry of Energy previously came up with the idea of ​​legalizing mining and establishing taxation for the industry. At the moment, I think it is important to focus on developing a framework law that defines key concepts for the industry.”

source: press service of the Russian State Duma deputy Anton Nemkin

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