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Importantly, the law defines for the first time the concepts of: mining, mining pools and mining infrastructure operators.
The Russian Federation government will enter into an agreement with the Central Bank to establish requirements for the activities of individuals and legal entities engaged in cryptocurrency mining. The government will be able to ban cryptocurrency mining in certain regions of the Russian Federation.
Legal persons and individual businesses are prohibited from combining digital currency mining with electricity transmission activities, power industry operation and dispatching control activities, and electricity production, purchase and sales activities.
Legal entities and individual entrepreneurs who will carry out mining activities, as well as operators of mining infrastructure, will be included in a special register, which will be maintained by the Ministry of Digital Development.
Those who mine digital currencies will be required to provide Rosfinmonitoring with information about the currencies received and identifier addresses.
In addition, the law prohibits the advertising of digital currencies and goods (works, services) in order to organize the circulation of digital currencies.
“Russia is officially joining the race for the leadership of the cryptocurrency industry. This is the result of a huge work of a large interdepartmental team. We spent a long time convincing opponents of the need for regulation. They went through a textbook path from rejection to acceptance. Let me remind you that we proposed the first version of the bill about two years ago,” noted one of the authors of the law, Deputy Director of the State Duma Committee on Information Policy, Chairman of the State Duma Committee on ROCIT Anton Gorkin.
He believes there are two triggers for the rapid passage of legislation this session: the activities of black miners leading to energy shortages in certain areas and the pressure of unfair sanctions – we need to diversify the tools to circumvent them.
“In addition, mining is a priority for high-tech exports and could bring in at least 50 billion rubles in additional tax revenue,” Gorelkin believes.
Igor Runets, owner and CEO of BitRiver, said the law signed by the president ushered in a new era for the industry.
“Now industrial mining officially has the opportunity to build modern, energy-intensive data centers and use free electricity to develop AI and blockchain technologies. In the next 2-3 years, investments in data center construction in Russia may exceed 60. billion rubles” – he told RG.
According to Runec, the law will “increase the use of associated petroleum gas, which will be used by power plants that power data centers, that is, by building such power plants in conjunction with data centers, stimulating the development of remote areas of Russia’s regions.”
He added that Russian oil and gas companies are gaining an effective tool to further monetize available energy and even reduce negative environmental impacts. “Thus, industrial mining could effectively utilize up to 10 billion cubic meters of APG, which is half of the total amount that is burned or emitted into the atmosphere each year,” the expert concluded.
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