Bill No. 237585-8, which establishes the procedure and conditions for the creation of cryptocurrency, has been adopted in the third reading. In the legislator's opinion, this will make it possible to legally carry out these activities, declare the income received, and ensure the calculation and payment of taxes to the budget.
The bill introduces new concepts: "digital currency mining", "mining pool", "mining infrastructure". Russian organizations and individual entrepreneurs included in the register of the Ministry of Digital Currency will be able to mine digital currency. Individuals who are not individual entrepreneurs will be able to engage in mining without being included in the register, provided that the energy consumed during such activities does not exceed the energy consumption limits established by the Government. The draft law also contains a number of restrictions for individual entrepreneurs on engaging in these activities. Organizations and individual entrepreneurs will also be entitled to carry out the activities of a mining infrastructure operator after being included in the relevant register.
The bill prohibits organizations and individual entrepreneurs from combining the mining of digital currency with activities related to electricity transmission, operational and dispatch management in the electric power industry, production or sale of electricity. In addition, there is a ban on advertising or otherwise offering digital currency to an unlimited number of persons.
The Government of the Russian Federation has the right to establish a ban and/or restriction on transactions with digital currency in coordination with the Bank of Russia in cases of ensuring the financial security of the state, as well as to prohibit mining in certain subjects of the Russian Federation or in certain territories.
In addition, bill No. 341257-8 was passed in the third reading, allowing the Bank of Russia to launch an experiment from September 1 to create a platform for the use of cryptocurrencies in cross-border settlements under foreign trade agreements. At the moment, such settlements are prohibited.
The bill provides for special regulation, which differs from that provided for by Federal Laws No. 173-FZ "On Currency Regulation and Currency Control", No. 161-FZ "On the National Payment System", and No. 325-FZ "On Organized Trading". Such special regulation is established by the program of the experimental legal regime (ELR) approved by the Bank of Russia. The provisions of the ELR may amend or exclude the effect of the provisions of the relevant federal law as regards the regulation of relations arising from the circulation of digital currency in the Russian Federation, including its mining.
The ELR in the area of currency legislation may permit the use of digital currency as currency value and amend provisions relating to:
Legislation on the national payment system within the framework of the ELR may be amended in terms of defining requirements for the activities of an electronic platform operator in providing settlement services for transactions made with the use of an electronic platform.
In the area of relations arising in organized trading, the ELR may amend the procedure for the admission (termination of admission) of digital currencies as a commodity to organized trading, as well as the requirements for trade organizers conducting organized trading in digital currency.
The bill introduces new concepts: "digital currency mining", "mining pool", "mining infrastructure". Russian organizations and individual entrepreneurs included in the register of the Ministry of Digital Currency will be able to mine digital currency. Individuals who are not individual entrepreneurs will be able to engage in mining without being included in the register, provided that the energy consumed during such activities does not exceed the energy consumption limits established by the Government. The draft law also contains a number of restrictions for individual entrepreneurs on engaging in these activities. Organizations and individual entrepreneurs will also be entitled to carry out the activities of a mining infrastructure operator after being included in the relevant register.
The bill prohibits organizations and individual entrepreneurs from combining the mining of digital currency with activities related to electricity transmission, operational and dispatch management in the electric power industry, production or sale of electricity. In addition, there is a ban on advertising or otherwise offering digital currency to an unlimited number of persons.
The Government of the Russian Federation has the right to establish a ban and/or restriction on transactions with digital currency in coordination with the Bank of Russia in cases of ensuring the financial security of the state, as well as to prohibit mining in certain subjects of the Russian Federation or in certain territories.
In addition, bill No. 341257-8 was passed in the third reading, allowing the Bank of Russia to launch an experiment from September 1 to create a platform for the use of cryptocurrencies in cross-border settlements under foreign trade agreements. At the moment, such settlements are prohibited.
The bill provides for special regulation, which differs from that provided for by Federal Laws No. 173-FZ "On Currency Regulation and Currency Control", No. 161-FZ "On the National Payment System", and No. 325-FZ "On Organized Trading". Such special regulation is established by the program of the experimental legal regime (ELR) approved by the Bank of Russia. The provisions of the ELR may amend or exclude the effect of the provisions of the relevant federal law as regards the regulation of relations arising from the circulation of digital currency in the Russian Federation, including its mining.
The ELR in the area of currency legislation may permit the use of digital currency as currency value and amend provisions relating to:
- carrying out operations involving digital currencies, including the use of digital currency as a means of payment under foreign trade agreements concluded between residents and non-residents,
- defining the rights and obligations of residents and non-residents when they conduct currency transactions with digital currency, as well as currency control authorities and agents.
Legislation on the national payment system within the framework of the ELR may be amended in terms of defining requirements for the activities of an electronic platform operator in providing settlement services for transactions made with the use of an electronic platform.
In the area of relations arising in organized trading, the ELR may amend the procedure for the admission (termination of admission) of digital currencies as a commodity to organized trading, as well as the requirements for trade organizers conducting organized trading in digital currency.