Russian Lawmaker Urges Swift Regulation of Cryptocurrency Mining

Russian government crypto chief emphasizes the need for regulating Bitcoin mining as a priority, aiming to bring clarity and oversight to the country crypto sector.

After years of internal discord, Russia is finally making strides towards regulating its crypto landscape, with a focus on Bitcoin mining. Andreу Lugovoy, chairman of the government crypto working group, underscores the urgency of establishing guidelines for mining operations, signaling a shift in Moscow approach to cryptocurrency oversight.

According to Lugovoy, the regulation of altcoins and privacy-centric cryptocurrencies like Monero will follow, with a focus on anti-money laundering measures. The lack of clear regulations has hindered the development of the crypto mining industry in Russia, prompting policymakers to expedite the process of legalization and oversight.

While discussions have been ongoing among various stakeholders, including representatives from the banking sector, energy industry, and crypto community, Lugovoy reassures that tangible results from these deliberations will soon materialize. Emphasizing the importance of consistent regulatory action, he highlights the need to evaluate the effectiveness of initial regulations before proceeding further.

In addition to addressing regulatory concerns, Lugovoy addresses issues related to electricity tariffs for miners, advocating for fair treatment and taxation policies. He also stresses the importance of transparency in the industry, calling for miners to report all imported hardware.

Despite previous criticisms of Russia crypto policies, Lugovoy recent statements signal a more proactive stance towards regulation, driven by the recognition of the sector economic potential and the need to align with international standards. As Russia faces pressure to enhance its anti-money laundering efforts following a downgrade in compliance rating by the FATF, the push for faster regulatory rollouts gains momentum, with implications for the future of crypto mining in the country.

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