Russia is on the verge of officially recognizing Bitcoin mining as an economic activity, according to Osman Kabaloev, the Deputy Director of the Financial Policy Department at the Ministry of Finance. This move comes after the approval of a law that will regulate cryptocurrency mining and assign an OKVED code to this activity for licensing purposes.
The Russian government is gearing up to acknowledge Bitcoin mining as a legitimate economic activity in the near future. Osman Kabaloev, the deputy director at the Ministry of Finance’s financial policy department, expressed his support for this decision and confirmed that they are ready to assign an OKVED code to the mining activity.
The OKVED code is crucial for companies as it categorizes their specific economic activities, enabling them to obtain licenses from the state when required. This classification also impacts various aspects such as insurance premiums, tax details, and eligibility for state benefits.
This official recognition of Bitcoin mining will bring miners out of the shadows in Russia. However, Kabaloev emphasized that this codification will only be possible once a law regulating cryptocurrency mining activities is passed. He mentioned, “Colleagues from the Ministry of Economic Development are already looking into this issue.”
Although a bill proposing the legalization of cryptocurrency mining was introduced to the Russian State Duma in 2022 and is yet to pass its initial discussion, the Ministry of Finance anticipates finalizing and approving this regulation this year. This will lead to the issuance of specific OKVED codes for cryptocurrency mining.
Alexander Razuvaev, a member of the supervisory board of the Guild of Financial Analysts and Risk Managers, believes that these measures could have a positive impact on the Russian crypto-mining industry. He stated, “If this materializes, Russian industrial mining could play a significant role in the global market.”
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