Russia’s Ministry of Economic Development has approved the concept of crypto mining regulation in the country, proposing to allow mining in areas with “sustainable electricity surplus,” local media Izvestia reported on Tuesday.
As part of the proposal, the ministry proposes lowering the cost of setting up mining farms and data centers in specific regions of Russia and offering lower energy rates for these facilities. The ministry also wants to establish limits on electricity use for personal mining, which reportedly proposes the introduction of higher energy rates to increase energy bills.
Authorities have yet to set a monetary threshold for this, the report noted. In addition, the ministry proposes to treat crypto mining as a commercial activity and tax the profits from cryptocurrency mining. The latest proposal comes amid ongoing uncertainty over Russian crypto regulation, with different parts of the government still debating how to regulate bitcoin.