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Russia Set to Recognize Bitcoin Mining as Economic Activity

The Russian government is preparing to officially recognize bitcoin mining as an economic activity. This formal recognition involves assigning an OKVED code to the mining activity, which categorizes various economic activities within Russia and aids businesses in obtaining necessary licenses and benefits.

The announcement was made recently, although the specific date was not mentioned. The Ministry of Finance anticipates that the necessary regulation for cryptocurrency mining will be finalized and approved within the year.

The regulatory changes and the formal recognition of bitcoin mining will occur in Russia. This initiative is a part of broader efforts by the Russian government to regulate and integrate cryptocurrency activities within its national economy.

The Ministry of Finance supports the decision to recognize bitcoin mining officially and is prepared to assign an OKVED code once there is a law regulating cryptocurrency mining activities. This codification is dependent on the passage of a bill introduced to the Russian State Duma in 2022, which is currently under discussion. The codification will affect various aspects of the mining business, including insurance premiums, tax specifications, and eligibility for state benefits.

The move to recognize bitcoin mining as an economic activity aims to bring miners out of the regulatory gray area and into compliance with Russian economic policies. This step is seen as a significant development for the crypto-mining industry in Russia, with potential implications for the global cryptocurrency market. Alexander Razuvaev, a member of the supervisory board of the Guild of Financial Analysts and Risk Managers, noted that these measures could position Russian industrial mining as a significant player on the global stage. The initiative reflects Russia’s ongoing efforts to manage and capitalize on the evolving digital economy, particularly in areas like cryptocurrency, where there has been significant growth and interest globally.

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