Russia’s Regulation on Cryptocurrency Continues

At a meeting during the last week of December, several cryptocurrency miners from around the world will explain the market and how regulatory measures in their own countries affect their business. With this knowledge, the parliament hopes to create some new regulation for the industry. The bill has yet to be shown to the public, and no official drafting of the bill appears to be in place.


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The bill will likely include regulation for initial coin offerings, something that the country has previously stated a negative opinion on. The hopes are that a bill will be drafted by the end of December, or the beginning of January. The chairman of the State Duma financial market committee, Anatoly Aksakov, has stated that the regulations will define cryptocurrencies as “other property” for the purpose of taxes, and that ICOs are crowdfunding with a limit per person per dollar amount. This regulatory need comes after the Russian President, Vladimir Putin stated that he wants regulation of the cryptocurrency industry, including digital currencies, ICOs and cryptocurrency mining. He has stated that any operation conducting mining needs to registered with the government and taxed as though it were any other industry.


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The deadline is currently set at July 2018, for the competition of the bill. The majority of mining in the world comes from the US and China, about 75% of the industry total. Larger Russian cities host mining farms, but the majority of the Russian mining is done in these large cities. Regulation of the cryptocurrency industry would mean that the cryptocurrency world in Russia would slow down. Given that the industry is already not that large within the country, this new regulation could effectively slow it down to a small number, effectively phasing out the industry in the country altogether.

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