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Russia’s Deputy Minister of Energy Evgeny Grabchak is calling for the legal restrictions on the country’s crypto industry to be lifted following the recent moves by Russian officials to support cryptocurrencies.
While addressing the audience at the national conference of legal crypto miners in Irkutsk on Saturday, Grabchak clamored for a regulatory framework to be put in place for the sector as soon as possible:
“The legal vacuum makes it difficult to regulate this area and set clear rules of the game. This legal vacuum needs to be [eliminated] as soon as possible. If we want somehow to get along with this activity, and we have no other options in the current reality, we must introduce legal regulation, adding the concept of mining to the regulatory framework”. Grabchak said.
Furthermore, the minister suggested that regional authorities be allowed to regulate the space.
“Perhaps, it should be synchronized with the regions’ development strategies and other industry sectors’ plans.”
Usually, important matters like this are delegated to the federal authorities but Evgeny Grabchak believes that this method would be less effective.
Over the last month or so, Russian officials have moved to create an enabling environment for crypto as a means of cushioning the effects of the sanctions imposed on its economy, and legalizing crypto mining is just another step towards achieving that goal.