A Russian lawmaker from the United Russia party has proposed legalizing cryptocurrency mining in the country, claiming that doing so would benefit both miners and the government. Sergei Malikov, a member of the Moscow Regional Duma, stated that miners were in a precarious position and that companies looking to work within the law should have the opportunity to do so. Malikov added that taxing miners would allow for beneficial cooperation between the government and the crypto sector, although he acknowledged that the industry has taken a hit following the drop in crypto prices this year. Crypto mining has no legal status in Russia, but both industry and government officials are hoping to legalize it and tax miners on their incomes. However, the Central Bank has signaled that it prefers to outlaw crypto trading and will only assent to mining legalization provided all tokens mined are sold and do not enter the Russian economy. A new draft mining law reportedly includes harsh penalties for miners who fail to report their activities to regulators and clauses that outlaw unregistered crypto trading platforms.
