Evgeny Grabchak, Russian Deputy Minister of Energy, proposed eliminating the legal gap surrounding crypto mining in the nation and introducing clear and well-defined regulations.
That statement continues the recent streak of support for the crypto space among the nation’s officials. The allocations and quotas of mining operators need to be set by the regional regulators, not the federal, according to the deputy minister.
While speaking at the first national conference of legal cryptocurrency miners in Irkutsk on Saturday, Grabchak championed the introduction of a regulatory network for the industry as soon as possible:
“The legal vacuum makes it difficult to regulate this area and set clear rules of the game. This legal vacuum needs to be [eliminated] as soon as possible. If we want somehow to get along with this activity, and we have no other options in the current reality, we must introduce legal regulation, adding the concept of mining to the regulatory framework”.
The deputy minister was also quick to say that it would be quite prudent to let the regional authorities and not their federal counterparts set the sites for mining and the possible energy quotas. He added:
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“Perhaps, it should be synchronized with the regions’ development strategies and other industry sectors’ plans.”
Russian Official Wants Laws To Change
Grabchak speech now puts mining in Russia in the state’s strategic perspective. Furthermore, he shared his disbelief in the market’s ability to regulate the quantity and allocation of the mining operators. Earlier, on March 21, Vice-Premier Aleksandr Novak had said that “it would be reasonable” to legalize mining.
These statements now continue the series of vocal support for the crypto space after the abrupt attack by the Central Bank of Russia (CBR). CBR called for a straight ban on trading and mining back in January.
In March, a working group within the Duma, or lower chamber of parliament, insisted on the “clear regulation of the digital assets industry” as the most effective strategy to lower the risks that are linked with crypto adoption in the nation.
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