The Russian State Duma has passed a significant bill legalizing Bitcoin mining and permitting the use of cryptocurrencies for international trade, with the legislation expected to take effect on September 1, pending final approval from the federation. The bill, receiving overwhelming support with 404 votes in favor and none against, aims to regulate crypto mining and alleviate some of the economic challenges Russia faces due to international sanctions.

The new law introduces a regulatory framework for crypto mining, requiring operations to be transparent, compliant with tax obligations, and regulated by government authorities, including the Bank of Russia. This initiative, led by Deputy Anatoly Aksakov and other lawmakers, is designed to formalize the mining industry, ensuring that all income is reported and taxed appropriately.

Moreover, the legislation permits the sale of mined cryptocurrencies outside Russia’s information infrastructure, effectively exempting these transactions from domestic currency regulations. However, the use of cryptocurrencies for domestic payments remains strictly prohibited. The law also bans crypto advertising, aiming to control the proliferation of digital currency usage within the country.

The move signals a shift in Russia’s stance on digital assets, particularly as it explores ways to mitigate the impact of sanctions on its economy. The government is also considering the legalization of stablecoins for international transactions to facilitate cross-border payments. Additionally, there are proposals for traditional exchanges to manage digital asset trading, possibly under special regulations, to accommodate select investors .

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Source: cryptoslate.com

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