Russian MP Calls for Gov’t to Hurry Crypto Mining Legalization – Here’s His Rationale

cryptonews.com:

A Russian lawmaker has called for the legalization of crypto mining and has claimed that bringing mining out of a “grey” legal sphere as soon as possible will benefit both miners and the government.

The comments came from the MP Sergei Malikov, a member of the Moscow Regional Duma, where he represents the ruling United Russia party.

Per an article posted to his own website and a report from RIAMO, Malikov stated that Russian miners were currently “in a precarious position.”

He said:

“Companies that want to work within the law and declare their mining income should have the opportunity to do so.”

Malikov said that miners were “ready to comply with the law.” and that gathering tax revenues from miners would “allow for beneficial cooperation with the state” in the crypto sector.

And the MP claimed that the mining industry had taken a hit in recent months, with crypto prices still way below their 2021 highs.

The MP said he believed that after the market “returns to normal,” the picture would change for Russian miners.

He explained:

“Mining on most blockchain networks is not profitable enough, so there are not so many active crypto mining farms in Russia at the moment. That should be taken into account when [MPs] are drafting the law.”

Crypto mining has become a political hot potato in recent years, with scores of oil and gas companies hoping to launch mining operations. But as crypto mining has no legal status in Russia, companies cannot officially engage in it. Industrial miners want Moscow to recognize mining as an “entrepreneurial activity.”

Doing so will allow firms to launch fully fledged businesses devoted to crypto mining. The nation’s energy, industry, trade, and finance ministry also want to legalize mining – and are hopeful