Russian legislation aimed at legalizing industrial crypto mining is facing further delays, according to recent acknowledgments by lawmakers. Valery Seleznev, Deputy Chair of the State Duma’s Energy Committee, expressed doubts about the law’s passage this fall, as reported by TASS.
The drive to legalize large-scale mining operations has been a subject of prolonged debate among politicians, spurred by vigorous lobbying efforts from miners. This year has seen a heightened push from Moscow to formalize the industry, even with the caveat that miners would be liable to pay taxes on their earnings. They seek official recognition as a recognized form of business, believing it will attract increased domestic investment.
Despite earlier reports suggesting progress, Seleznev indicated that significant divisions persist within Moscow regarding the legislation. He stressed the necessity for clearer strategies outlining the importance of mining and the advancement of cryptocurrency-related technologies.
Speaking at a session of the Russian Union of Industrialists and Entrepreneurs’ Electrical Power Commission, Seleznev emphasized that the current parliamentary session would likely not see approval of the mining bill. He further suggested that adoption in the upcoming fall session was also uncertain, pending further developments.
Acknowledging concerns from energy sector officials about power consumption, Seleznev highlighted the need for miners to provide assurances in this regard. He also anticipated that future resolutions would address these issues.
Addressing infrastructure needs, Seleznev mentioned expectations for miners to contribute to the construction of upgraded power grids tailored to support the demands of crypto mining in Russia. Recent reports from the power industry indicate intentions to add 6.9 GW of capacity through new installations, underscoring the sector’s growth, which currently ranks second globally behind the USA.
The legislative process remains fluid, with developments closely monitored as the debate continues to unfold in Moscow.
