The Russian Ministry of Finance has put forth proposals to formally recognize cryptocurrency mining as a legitimate economic pursuit. This initiative involves the assignment of a specific code within the All-Russian Classifier of Economic Activities (OKVED) to the mining industry. Deputy Director Osman Kabaloev of the Financial Policy Department at the Russian Finance Ministry affirmed the Ministry's backing of this decision. It is anticipated that the mining sector may be identified with an existing OKVED code or a new code specifically tailored for digital asset mining.
In order to materialize this recognition, the enactment of a law governing cryptocurrency mining is indispensable. The finalized legislation will determine the precise OKVED parameters. Furthermore, the Ministry of Industry and Trade has shown its endorsement of this endeavor, proposing that digital asset mining could be classified under industrial activities in the current OKVED classification.
The ongoing dialogues regarding the future taxation models for mining activities were highlighted by Kabaloev. Taxation frameworks will be established subsequent to the approval of a law that seeks to regulate the free flow of cryptocurrencies. These actions mark a notable regulatory pivot for the Russian cryptocurrency sector, aligning it more closely with established economic sectors and providing operators with a more explicit legal framework.
