Russia's finance ministry is considering allowing miners to sell cryptoassets abroad as "export products," according to Deputy Minister of Finance Ivan Chebeskov. The ministry has prepared a bill to enable this, drawing inspiration from existing legislation for the export of gas. This move suggests progress towards the legalization of the Russian crypto sector, which has previously been hindered by disagreements between government ministries. The Central Bank, which has advocated for a nationwide crypto ban, has now found common ground with the ministry in recognizing cryptocurrency mining as an industry. However, the bank wants to supervise crypto transactions and restrict miners to selling coins exclusively on overseas platforms and only to non-residents of Russia. While a bill regulating the crypto mining industry was expected to be in force by January 2024, it now seems unlikely, but Chebeskov's comments indicate that the new bill has a good chance of succeeding. Previous attempts at crypto regulation and ban bills have not progressed to a second reading in the State Duma, suggesting that lawmakers may postpone them indefinitely.
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