The Russian Association of Blockchain and Cryptocurrency (RABAC) will soon introduce the standards for voluntary certification of cryptocurrency miners. The related documentation is being drafted by RABAC experts in collaboration with Russian crypto miners themselves.
As explained by RABAC, as of today, cryptocurrency mining is neither regulated nor prohibited in Russia. Common citizens and entire companies are currently involved in cryptocurrency mining activities, whereas the related services, such as mining hotels, are also on the rise.
“There were precedents, when the owners of certain mining hotels simply disappeared with all the equipment, whereas the property owners had no idea that their residential space had been used for cryptocurrency mining,” – the Director of the Association Artemy Sheltsin specified.
Cryptocurrency miners are reportedly being actively involved in drafting the standards. The document is expected to be finalized this month.
In order to get a certificate, miners will need to meet more than 30 standard requirements related to technical conditions of mining premises, electricity supply and various legal nuances.
Earlier this month, RABAC also announced the introduction of the voluntary certification programme for cryptocurrency traders and proposed to recognize private miners as self-employed workers with 3-5% profit tax applicable.