Crypto mining needs to be regulated “as soon as possible,” Russia’s energy ministry says.
The legal vacuum makes it difficult to regulate this field and establish transparent rules of the game. It needs to be eliminated as soon as possible… We have no other options in the current reality. The legal regulation, fitting the concept of mining into the regulatory framework must be implemented.
Russia’s deputy minister of energy further suggested that it would be more expedient to determine sites for mining facilities and the available energy capacities at the regional instead of federal level. These quotas must be in compliance with the development plans of the Russian regions, other industries, and the energy system, he added.
Authorities in Irkutsk and elsewhere have previously stated their readiness to provide sites for the industrial extraction of cryptocurrencies, if the business is recognized as an entrepreneurial activity as a growing number of officials have been
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