Russia’s Crypto Mining ‘Legalization’ Bills Could Be Approved ‘This Week’
Russia may legalize industrial crypto mining by the end of the week, media outlets in the nation have claimed.
Interfax reported that the State Duma passed a third reading of a draft law that would force crypto miners in the Russian Federation to “comply with the requirements of anti-money laundering legislation.”
The law is now set to be ratified by the upper parliamentary house. It will then be signed into law by the President’s office.
If it passes, miners will need to report information about suspicious-looking crypto transactions to Rosfinmonitoring, the nation’s anti-money laundering agency.
However, this law appears to be the tip of a larger iceberg. The same media outlet explained that the State Duma held the first reading for a crypto mining “legalization” bill on July 23.
If passed, this bill will “legalize digital currency mining activities in the Russian Federation from September 1, 2024.”
Vedomosti, meanwhile, reported that the Duma is now poised to “pass a law on cryptocurrency mining in the coming days.”
The media outlet quoted one of the bill’s authors, the lawmaker Anton Gorelkin, as saying the draft law will be “fully adopted before the end of the Duma’s spring session.” The Duma’s current session wraps up on August 5.
Gorelkin said that a “package of amendments” for the bill’s second reading “has already been formed, to all intents and purposes.”
However, Vedomosti also quoted an anonymous source “close to the State Duma” as claiming that the bill “could be adopted in full by the end of the week.”
Another top lawmaker has also confirmed the long-awaited legislation is finally ready for a vote. This follows over two years of deliberations.
TASS reported that the Chairman of the State Duma’s Committee on the
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