Russia’s Duma Wants to Regulate Crypto Mining as a Business

According to Cointelegraph, on September 8, Anatoly Aksakov, Chairman of the Financial Market Committee of the Russian State Duma, said that Russian legislators are now considering recognizing crypto mining as a form of entrepreneurship under local commercial law. Since this (cryptocurrency mining) is an entrepreneurial activity, it is obviously necessary to include it in the national register, regulate it as a startup under appropriate regulations, and impose relevant taxes. The government is actively carrying out a number of legal initiatives related to the crypto industry, and it is expected that bills on crypto taxation, mining, and digital currency issuance will be promoted in the near future. In addition, Aksakov also emphasized the need to provide more regulatory clarity for digital currencies, and pointed out that there is still a need to discuss what digital currency is. Although it is called currency, it is more like a financial instrument, or a financial asset that can be invested, rather than a means of payment.