Regulation
Russian lawmakers pass bill legalizing Bitcoin mining, crypto payments for international trade
The Russian State Duma has adopted a bill legalizing Bitcoin mining and allowing the use of cryptography for international trade.
The bill, which was first introduced a few years ago, should come into force on September 1, subject to final approval by the federation.
According to local reports, the vote count at the session was conclusive, with 404 votes in favor, or 89.8% of the total. No member voted against or abstained.
The new legislation aims to address challenges facing Russian banks due to regulatory constraints and international sanctions. The latter have significantly disrupted Russia’s trade relations with its main partners, including China, India, the United Arab Emirates and Turkey, as local banks have become increasingly cautious under Western pressure.
Mining regulations
The law establishes a regulatory framework to regulate cryptocurrency mining activities, ensure compliance with tax regulations and prevent illicit operations. One of the main features of the bill is the authorization of bitcoin mining.
Drafted by MP Anatoly Aksakov and other lawmakers, the law provides for mining activities to be regulated by the government and the Bank of Russia, a federal authority that ensures compliance with these rules. The initiative aims to bring mining activities out of the shadows and ensure that revenues are declared and taxes are paid.
In addition to regulating mining, the bill allows the sale of mined cryptocurrencies without using Russian IT infrastructure, exempting such transactions from domestic currency regulation laws. However, the use of cryptocurrencies for domestic payments remains prohibited in Russia.
The legislation also includes a ban on crypto advertising aimed at controlling the spread of digital currency use in the country.
Growing acceptance
Even though cryptocurrencies remain banned for domestic payments, the bill marks a notable shift in Russia’s approach to digital assets and currencies. The legislation aims to improve Russia’s trade relations and challenge global regulatory standards.
Russia is also considering the possibility of a legalization of stablecoins International transactions are expected to be simplified for Russian companies amid sanctions. The central bank is actively discussing proposals to allow the use of such crypto assets, which are pegged to currencies or stable assets such as the US dollar or gold, making them less volatile than other cryptocurrencies.
Meanwhile, the Russian Finance Ministry recently proposed allowing traditional exchanges to manage digital asset trading for some investors. A draft government response highlighted the possibility of creating special regulations to “conduct organized transactions in digital currency, recognized as a commodity, on the basis of an exchange license or a trading system license.”