Russia: Introduced Bill amending FZ-259 autorising digital currencies mining and utilisation

On 17 November 2022, the Bill no. 237585-8 amending the Digital financial assets, digital currency and changes in Certain Legislative Acts (FZ-259) was introduced in the State Duma. The Bill aims to establish a new regulatory framework and foresight mechanisms for digital currency mining. In particular, the Bill would authorise the mining of cryptocurrency and the sale of mined cryptocurrency. Furthermore, the Bill would provide two pathways for the legal use of cryptocurrencies, allowing sales on international markets and domestically through an experimental legal regime. Finally, the Bill would give the Central Bank new powers to regulate cryptocurrency mining and issue reporting requirements.