Crypto mining to become legal in Russia in 2024, says top official

Crypto mining will become legal in Russia next year, said Chairman of the State Duma Committee on Financial Market Anatoly Aksakov at the St. Petersburg International Economic Forum.

Aksakov also noted that the State Duma is preparing to adopt the four necessary crypto bills in the first reading by the end of July.

The bills will concern crypto mining, as well as taxation of miners and their responsibility for illegal mining.

The official specified that the use of the mined cryptocurrencies will be allowed only in cross-border settlements and only with foreign partners, but not within Russia.

The Russian Ministry of Finance estimated that miners in Russia produce nearly $4 billion worth of crypto. Their profits amount to about $1.2 billion, and in the case of a potential tax rate of 20%, about $250,000K will go to the state treasury.