Russian Ministry of Energy Proposes Recognizing Crypto Mining as an Industrial Sector

The Russian Ministry of Energy has proposed recognizing crypto mining as a type of economic activity. Following this, it is suggested that enterprises engaged in cryptocurrency mining be assigned an industrial code in the Russian National Classifier of Economic Activities (OKVED). The Ministry of Economic Development supports this initiative, while the Ministry of Industry and Trade currently opposes it, arguing that a law on mining should be adopted first.

The State Duma Committee on Energy also emphasizes the need to pass a law on mining. The Expert Council for the Development of the Digital Economy under the State Duma Committee on Economic Policy, along with the Ministry of Energy, believes that mining should be included in OKVED without waiting for the adoption of a law on cryptocurrency mining, so that enterprises can begin operating legally.

Amendments legalizing crypto mining in Russia were submitted to the State Duma in November 2022. At that time, lawmakers proposed allowing the sale of mined cryptocurrency through foreign systems without complying with currency regulation laws, or through a special platform to be created in Russia. In both cases, transactions would need to be reported to the tax authorities.

In the summer of 2023, Anatoly Aksakov, head of the State Duma Committee on the Financial Market, stated that the amendments could come into effect as early as 2024.