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<a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/" rel="noopener noreferrer nofollow">Russia</a>'s Finance Ministry has put forth an innovative proposal to manage mined cryptocurrency, envisioning an export mechanism similar to that of natural gas. This groundbreaking initiative was revealed by Deputy Finance Minister Ivan Chebeskov during a discussion on "Cryptocurrency and the Future of Digital Finance." According to Chebeskov, this strategy involves treating cryptocurrency as a mining product, paralleling the special legislation established for gas exports. The ministry is actively working on a legislative initiative to enable miners to export their mined cryptocurrency as an export commodity, according to <a href="https://www.rbc.ru/finances/12/12/2023/65783e069a79476ca3869851" rel="noopener noreferrer nofollow">RBC</a>.
The move aligns with the Ministry of Finance and the Bank of Russia's joint stance on recognizing cryptocurrency mining as a legitimate industry and facilitating cryptocurrency transactions in international trade. This proposal is part of an experimental framework. Chebeskov also highlighted the Federal Tax Service's proposed role in regulating cryptocurrencies.
Introduced to the State Duma in November 2022, the bill on legalizing cryptocurrency mining outlines a mechanism for miners to sell their currency. It restricts advertising and limits distribution of digital currency to a broad audience. The legislation allows for cryptocurrency sales on foreign platforms, bypassing Russia's information infrastructure, and mandates notification to the Federal Tax Service for such transactions. The Central Bank has specified that mined cryptocurrency can only be sold using foreign information infrastructure and exclusively to non-residents.
The head of the State Duma's Financial Market Committee, Anatoly Aksakov, indicated in summer 2023 that this regulatory framework might be operational by 2024. The bill's progress is ongoing, with further deliberations expected after its first reading in the Duma.

Russia’s Finance Ministry Proposes Export Model for Cryptocurrency, Mirroring Gas Trade

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