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Anatoly Aksakov: Mining will be legalized in Russia in a year

The head of the Duma Committee on Financial Markets, speaking at the St. Petersburg International Economic Forum, said that cryptocurrency mining in Russia may become legal no earlier than 2024.

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Anatoly Aksakov addressed the participants of the profile section of SPIEF, dedicated to the issues of mining cryptoassets. The State Duma plans to finalize the approval of the necessary legislation for the legalization of mining only in the fall of 2023, the deputy made clear.

The Chairman of the Committee reminded that the use of crypto-assets mined by miners will only be possible in international settlements and only with foreign partners. Domestic operations will be strictly prohibited.

According to the deputy, legalization of the local mining market will not have any significant impact on the country’s economy, and the government’s goal is to legalize the existing business.

In contrast to Anatoly Aksakov, Ivan Chebeskov, director of the Financial Policy Department of the Ministry of Finance, has a different opinion.

“According to the calculations of the Ministry of Finance, the profit of Russian miners is about 100 billion rubles.. That is, under current conditions, the budget revenue from taxation of the industry could be about 20 billion rubles. If the government creates the right prerequisites for the development of mining, a multiple growth and, accordingly, a proportional increase in tax revenues to the budget is possible,” Chebeskov said at the SPIEF session.

Earlier, Anatoly Aksakov said that the adoption of laws on mining crypto-assets was postponed until the consideration of the bills on administrative and criminal responsibility for mining and circulation of cryptocurrencies.