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Financial Market Committee Member says Crypto Mining in Russia must be enlisted and taxed

Crypto mining in Russia as in other parts of the world continues to attract scrutiny, especially among lawmakers and regulators.

There’s been a lot of effort to track and shut down illegal mining farms even as authorities continue to devise new ways of milking the certified ones.

In a similar move, the chairman of Russia’s parliamentary Financial Market Committee Anatoly Aksakov is pushing for the country’s crypto space to be more regulated.

The lawmaker wants all crypto mining actions in Russia to be registered as “entrepreneurial activity” and charged accordingly, bitcoin.com reports.

Mr Aksakov briefly made this claim while talking to Tass News Agency.

Since this is a type of entrepreneurial activity, obviously, it is necessary to enter it into the register, assign a corresponding code and introduce taxation.

New laws could be implemented for Crypto Mining in Russia

Crypto mining in Russia

As part of efforts to constitution governing digital currencies, legislators are expected to touch on the laws guiding crypto mining in Russia. Anatoly Aksakov’s comments could be viewed as a hint of the changes that could be made.

Proposed amendments to the crypto taxation law have been adopted by the Russian legislative assembly.

Aksakov also reiterated the need to properly define crypto terms to avoid confusion.

NEXT: Iran shuts down more Crypto mining plants

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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