Crypto mining in Russia can be assigned a code in OKVED
The Ministry of Energy of the Russian Federation has proposed to introduce a separate code for mining in the All-Russian classifier of economic activities (OKVED). Opinions among market participants were divided, the Izvestia newspaper writes.
According to some market participants, the installation of OKVED will help the development of digital asset mining. The latest initiative may be the first step towards full-fledged regulation of the industry.
In particular, positive changes can bring the following:
- Mining will begin to be taken into account in plans for the development of the electric power industry. That is, all decisions of the authorities concerning the industry will also apply to the activities of crypto miners.
- OKVED will allow you to establish a clear taxation. So far, miners cannot pay taxes properly, which harms the interests of both the state and society. The introduction of the OKVED will allow players to start working "in white" without fear of any consequences from the authorities.
- Russia will become more attractive to the international community of miners. Now the country is the second in the list of leaders in the volume of crypto mining. If the regulation here becomes clearer, the Russian Federation can "push the United States out of the first place," says Sergey Bezdelov, director of the Association of Industrial Mining (APM).
However, some also note the negative aspects of the introduction of OKVED for the mining industry. According to Sergey Shakirov, a partner at Milton Legal, this may lead to miners being required to report too much. This arrangement will strengthen the state's control over the activities of the players.
A large number of regulatory conditions for a certain number of miners may be too burdensome. Therefore, they can choose to work according to the old schemes.
