Russia’s Ministry of Economic Development proposed to greenlight crypto mining in regions with steady electricity surplus, local media reported on Tuesday, days before Friday’s expected crypto regulation draft.
Fast facts
- The ministry also suggested introducing taxes for realized profits on liquidated cryptocurrencies earned through mining.
- Last week, Russia’s central government agencies reached an agreement to regulate crypto by mandating licenses for exchanges and taxing large transactions.
- Local media reported a draft law is expected by Feb. 18.
- The Bank of Russia last month recommended a comprehensive ban on cryptocurrencies, but the finance ministry proposed regulation over outlawing digital assets.