The Russian Ministry of Finance has announced plans to officially recognize cryptocurrency mining as a type of economic activity. This initiative will involve assigning it a code within the All-Russian Classifier of Economic Activities (OKVED). Osman Kabaloev, Deputy Director of the Financial Policy Department of the Russian Finance Ministry, confirmed the agency's support for this move. He explained that the mining industry could either be assigned an existing OKVED code or a new one created specifically for digital asset mining.&nbsp; according to <a href="https://www.kommersant.ru/doc/6745480" rel="noopener noreferrer nofollow">Kommersant</a>.
To achieve this, a law regulating cryptocurrency mining must first be passed. The final version of this law will determine the specific OKVED parameters. The Ministry of Industry and Trade has also backed this initiative, suggesting that digital asset mining could fall under industrial activity in the current OKVED classifier.
Kabaloev mentioned ongoing discussions about the future taxation of mining activities. Taxation decisions will follow the approval of a law aimed at restricting the free circulation of cryptocurrencies. These steps indicate a significant regulatory shift for the Russian cryptocurrency industry, aligning it more closely with traditional economic activities and providing a clearer legal framework for operators.&nbsp;

Finance Ministry Backs Plan to Regulate and Classify Crypto Mining in Russia

Ultramining_Eng

Other articles published on Jun 4, 2024

Investors wait with bated breath as Solana-based Piggy Bankster (PIGS) launches today

MoonBag Revels in Success as the Best Crypto Presale in June 2024; Fetch AI and Theta Fumble

Galaxy Digital Issues Loan Secured by a 316-Year-Old Tokenized Violin

Galaxy Digital Lends Millions with Tokenized Violin as Collateral

MoonBag Meme Coin Nears Stage 5 Presale, Beats Hedera and Dogeverse with 15,000% ROI Projection

Dogecoin vs Shiba Inu: Which memecoin will dominate June?

Join our free newsletter for daily crypto updates!