Russian Energy Minister Calls for Clear Regulations on Crypto Mining Industry

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Last updated March 28, 2022

Russia’s Deputy Energy Minister wants to kick the unknown and unclear legal status of the crypto mining industry out of the Russian Federation.

Russia is that country in the world where crypto trading is legal under the existing crypto law of Russia, which was enacted in January last year. But in the fourth quarter of last year, the Russian Central Bank proposed to implement a blanket ban on the crypto industry like China. But the situation seems to be changing with the conflict between Russia and Ukraine, where Russia wants to use cryptocurrencies in payment options.

On March 26, Evgeny Grabchak, Deputy Energy Minister, emphasized the need for a clear regulatory framework for the crypto mining industry. Through the suggested suggestions, Evgeny called for an accurate crypto regulatory framework for this crypto mining industry to be put in place as soon as possible.

The Secretary of State added:

“The legal vacuum makes it difficult to regulate this area and establish clear rules of the game. This legal vacuum must be (cleared up) as soon as possible. If we want to somehow get along with this activity, and we have no other options in the current reality, we need to introduce legal regulation and add the concept of mining to the regulatory framework.”

The deputy minister also proposed to introduce a regulatory framework in favor of the regional authorities, to give them special quotas and also specific locations for mining activities.

Earlier this March 21, Deputy Prime Minister Aleksandr Novak raised his voice in support of a regulatory framework for crypto mining companies.

All these questions directly and indirectly give significant support to the crypto industry to introduce a better version of the crypto regulatory framework in Russia.

When Russia’s first crypto law was passed last year, the crypto mining industry was banned. After 5-6 months after the bill was introduced, many crypto proponents of the Russian crypto community raised their voices against the government saying that the government was not doing anything for crypto.

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