It has been since May of 2021 that China has been carrying out its crackdown on the cryptocurrencies in the country. Although it is the worst-case scenario for the cryptocurrency sector in China, other countries are aiming to benefit from it.
At present, the most attractive and highly lucrative sector is cryptocurrency mining. This is the reason why the cryptocurrency community in Russia is aiming to benefit from this situation as much as it can.
As cryptocurrency mining firms continue leaving China due to the crackdown, the Russian crypto-community is welcoming them. As the situation is constantly progressing, the number of cryptocurrency firms in Russia is constantly rising.
While the cryptocurrency community is very active in this matter, the regulatory sector and lawmakers in Russia have also become very active around the matter. They are ensuring that any firm moving into Russia strictly abides by the rules and regulations, currently being practiced in the Russian crypto-industry.
The regulatory authorities in Russia are now showing a lot of interest in the cryptocurrency sector. They are aiming to introduce stricter and more firm regulations and laws surrounding cryptocurrencies.
With the growing cryptocurrency community and market in Russia, the regulators have started looking at cryptocurrencies in a different way.
Just recently, it was the Duma Committee’s Financial Markets’ chairman, Anatoly Aksakov of the Russian State who spoke about cryptocurrencies. He revealed that lawmakers in Russia are looking at cryptocurrencies from a different angle.
In addition to viewing cryptocurrencies as legal entities in the country, lawmakers are now looking at the cryptocurrency mining sector as entrepreneurship. This means that cryptocurrencies will now be perceived as a local business in the country.
This information has been confirmed by one of the local news agencies “TASS” news on Wednesday, September 22, 2021.
In an interview with one of the local news channels, Aksakov stated that the State of Duma views cryptocurrency mining as a business and entrepreneurship. Therefore, they have assigned them the particular code, and based on the coding, they will proceed with imposing taxation on the crypto-mining sector.
He revealed that the regulatory authorities and lawmakers in the country are actively monitoring the entire cryptocurrency sector. Out of all the sectors, they are keenly monitoring cryptocurrency mining activities.
The lawmakers have been taking the necessary initiatives for dealing with the cryptocurrency mining sector in the country. Soon, the cryptocurrency sector in Russia will be acquainted with different new regulations. They will be introducing new bills and taxes for the cryptocurrency mining sector in the country.
Over time, the Russian lawmakers will be introducing stricter regulations and policies in order to streamline the mining sector in the country.