Crypto Mining: Putin Says Russia Has a ‘Competitive Advantage’ – Wants to ‘Tax and Regulate,’ Not Ban It

Published by
Crypto Mining: Putin Says Russia Has a ‘Competitive Advantage’ – Wants to ‘Tax and Regulate,’ Not Ban It

It was big news recently when Russia contemplated a ban on cryptocurrency activities in the country. Now President Vladimir Putin is reportedly backing plans for regulating crypto mining in Russia, reports Yahoo Finance!

On Wednesday, Putin countered calls by the central bank for a blanket ban on cryptocurrencies. Speaking at a video conference with his government officials on Wednesday, he said Russia has “competitive advantages” in crypto mining.

Advertisement

Putin for tax and regulate rather than banning

The President suggested that they “tax and regulate” cryptocurrency mining rather than banning the practice.

Bloomberg quoted the Russian President saying, “We also have certain competitive advantages here, especially in the so-called mining,” “I mean the surplus of electricity and well-trained personnel available in the country.”

Three people familiar with the situation were of the opinion that crypto-related activities will get approved. “The president’s backing, combined with his public comments this week, means that the proposals are likely to be approved,” they said per the Bloomberg report.

The report further adds them saying, “The President supports the proposal to restrict mining to regions with a surplus of electricity, such as Irkutsk, Krasnoyarsk, and Karelia.”

Putin urged his country’s central bank to function in tandem with his government on the way ahead for permitting crypto-related activities. The President’s comments came in line considering the fact that Russia ranks only third on the list of crypto mining countries based on hash rate distribution. On the other hand, the US and Kazakhstan are ranked first and second.

Advertisement

Russians own 12% of the global crypto market value

As reported by CoinGape recently, Russians own more than $200 Billion worth of cryptocurrency and hold almost 12% of Global cryptocurrency marketcap. These figures were reported by Bloomberg and Govt. of Russia.

The Kremlin released a roadmap signed by the deputy chairman of the government, Dmitry Chernyshenko, that sought to put crypto regulations in place by the end of 2022. As disclosed by RBK, a Russian media outlet, the document suggested introducing know your customers (KYC) and anti-money laundering rules for crypto platforms. The roadmap also seeks to set up a supervisory body for crypto, as well as set up penalties for breaking the proposed rules.

Advertisement

Share
victoria

Victoria is a Nigerian journalist and entrepreneur with a background in Communications. She's interested in writing about Cryptocurrency, Blockchain and Humans. She owns a tad bit of BTC and ETH and her favorite thing to do is sit by the ocean listening to Beyoncé.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

ASTER to Launch Phase 2 Airdrop on October 10 as Open Interest Tops $5B in Two Weeks

ASTER has announced that the roadmap for its second airdrop phase is set to begin…

October 5, 2025
  • 24/7 Cryptocurrency News

El Salvador’s Bitcoin Holdings Hit $475M Profit as BTC Becomes World’s 7th Largest Asset

El Salvador is now sitting on $482 million in unrealized gains in its Bitcoin holdings.…

October 5, 2025
  • Bitcoin News

Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force

The Bitcoin price has hit a new all-time high, after staging a monstrous rally since…

October 5, 2025
  • Bitcoin News

99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction

Bitcoin (BTC) is in profit on almost all of its supply, leading to discussion by…

October 5, 2025
  • 24/7 Cryptocurrency News

Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement

Pro-crypto Mike Selig is reportedly the frontrunner to become the next chair of the U.S.…

October 4, 2025
  • 24/7 Cryptocurrency News

‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications

Nate Geraci, president of Novadius Wealth Management, has predicted that several crypto ETF filings could…

October 4, 2025