Russian Ministry of Energy Wants to Accelerate Legalization of Crypto Mining

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The Ministry of Energy of Russia wants the country’s authorities to speed up the legalization and regulation of crypto mining.

According to TASS, the Deputy Minister of Energy of Russia Evgeny Grabchak has made this statement at the first All-Russian conference of legal miners, which was held in Irkutsk on Saturday. He has said:

“The legal vacuum complicates the legal regulation of this sphere and the establishment of transparent rules of the game. And this legal vacuum needs to be eliminated as soon as possible. If we want to somehow get along with this activity, and we have no other options in the current reality, legal regulation, fixing the concept of mining in the regulatory framework must be implemented.”

He believes that it is necessary to think through the legislation in such a way that the regions can independently determine the location of mining equipment and electricity quotas for mining companies. This will make the process more efficient and fit it into the development plan of the region. He has added:

“This activity should be regulated from the point of view of sites or quotas for free capacities by territory. Probably, this should be done not at the federal level, but at the regional level. Probably, it needs to be synchronized with plans for the development of regions and plans for the development of other industries. And, probably, it should be correlated with the plans for the development of the energy system.”

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