Russia’s State Duma has formed a working group to draw up regulations governing the cryptocurrency mining industry. Its Chairman, Vyacheslav Volodin, has instructed the legislature to create a group to address regulatory gaps in the industry, according to an announcement published on the State Duma’s website. A draft bill is reportedly available already and will soon be introduced in the Duma. The impetus for the regulation of crypto mining is driven by mounting concerns that large sums earned by crypto miners are going untaxed, an argument made more compelling by the relocation of Chinese crypto miners to Russia.
CH-019341 (Webpage Portal) 2021-11-12 (Published) 2021-11-15 (Updated)