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Russian government official calls to legalize mining ‘as soon as possible’

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Evgeny Grabchak, Russian Deputy Minister of Energy, urged that the country’s legal vacuum be filled with unambiguous regulations. This comment is the latest in a string of government officials that have expressed support for the crypto business.

Additionally, Grabchak, who spoke at the first national meeting of legal crypto miners in Irkutsk on Saturday, asked to set the regulations of this sector as quickly as possible:

“The legal void makes it impossible to manage this area and establish clear ground principles. This legal void must be [filled] as quickly as practicable. We must adopt legal regulation, adding the notion of mining to the regulatory framework. If we want to get along with this activity, and we have no other options in the existing reality.”

The Russian deputy minister also recommended that regional authorities decide on the mining sites and possible energy quotas rather than federal officials. “Perhaps it should be in line with the growth strategy of the regions and other industry sectors,” he added.

In his lecture, Grabchak places mining in Russia’s strategic context. He also expressed his scepticism about the market’s ability to control the number and distribution of mining companies. Vice-Premier Aleksandr Novak had previously remarked on March 21 that legalising mining would be “appropriate.”

“Clear regulation of the digital assets market”

Following the Central Bank of Russia’s (CBR) surprise onslaught in January, which called for an outright ban on mining and trade, these declarations continue a string of public statements expressing support for the crypto business.

In March, a working group within the Duma, or lower chamber of parliament, urged for “clear regulation of the digital assets market”. As the most effective way to mitigate the dangers linked with the country’s crypto adoption.

Fitch says proposed Russia crypto ban eases risks but curbs innovation

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