As the world moves towards the crypto-verse, Russia intends to move a step ahead with its latest announcement. The Russian government intends to accommodate crypto mining operators and regulate the mining industry efficiently.
Cryptocurrencies have started to garner the attention of the globe. China however decided to steer away from the same. The country went on to oust an array of crypto mining firms. As most of these firms settled in Khazakitsan, Russia revealed that it intends to open its doors to these businesses.
In a recent announcement, the chairman of the Russian State Duma Committee on Financial Markets, Anatoly Aksakov, revealed that the government was looking into giving the crypto mining business a place under the entrepreneurship category.
Russia to recognize crypto mining as a business
As per TASS news agency, Anatoly Aksakov said,
“As this [crypto mining] is a type of entrepreneurial activity, it is obviously necessary to include it into the state register, to regulate it as a type of entrepreneurship under an appropriate code, and impose relevant taxation.”
The government is reportedly working on several things. This included things pertaining to crypto mining, taxing crypto as well as the issuance of a potential digital currency. The government is primarily concerned about establishing a proper regulatory system for digital assets.
Aksakov further added,
“We still need to discuss what digital currency actually is, although we call it currency, it is rather used as a financial instrument or a financial asset that is a subject to investment, rather than a means of payment.”
The crypto mining industry has started to become more prominent and valuable. As the demand for these digital assets increases, the need for mining activity also surges. Therefore, the crypto mining industry would continue to flourish.
Russia’s move comes at the right time and would further facilitate the world’s transition into the digital world.