At SPIEF 2024, the head of the State Duma Committee on the Financial Market, Anatoly Aksakov, called on the government to speed up the adoption of laws to regulate cryptocurrencies and mining.

Aksakov emphasized that the bills have been prepared and agreed upon with the Central Bank of the Russian Federation and the Ministry of Finance. At the moment, all that is needed is the government’s reaction, and then the State Duma will be ready to adopt the documents in the first reading, and if possible, then in the second and third, already during the spring session. If this can be done, then the new laws may come into force in the second half of this year.

Aksakov also noted that mining currently exists in Russia, but is not regulated, which can harm some regions:

“Commercial structures are still engaged in mining. It is wrong that the market really exists, but is not regulated by law. Until this is done, problems arise from time to time. For example, as a deputy from Chuvashia, from time to time I receive requests from voters about turning off the lights in their houses. And all because miners from Chuvashia, where there is a shortage of electricity, overloaded the energy system.”

To solve this problem, it is possible to establish in the law requirements for the location of mining farms in regions with an energy surplus, the deputy noted.

It was previously reported that a special excise tax on electricity consumption could be introduced for miners in Russia.