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The Ministry of Communications of Russia is going to allow the mining of cryptocurrencies to companies and citizens, but intends to control the process. To do this, the department will have a special system for detecting miners.

The system will identify the structure of electricity consumption and Internet traffic in order to correlate the capacity of mining equipment with the amount of cryptocurrency that the miner declares on the crypto-exchange. For individuals engaged in the extraction of digital money, there will be quotas for electricity and a special tariff.

 

At the start, a two year tax free period is allowed, during which they will be obliged to keep accounting records. Afterwards, legal entities will pay income tax, but nit VAT. It is not clarified what private miners will pay as tax.

The Concept of the Ministry of Communications will be finalized and handed over to the government by February 1.

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On January 25, the Ministry of Finance of Russia prepared a draft law on the regulation of the market of cryptocurrency in Russia. The Central Bank and the government must also submit their proposals. In February, 2018, the bill should be submitted to the State Duma.

Though the crypto market is still relatively new and lacks many of the traditional institutions of a civilized market, there are projects on the market that seek to indemnify or mitigate the associated risks that investors take when deciding to invest in projects. Cryptics is one such project that seeks to offer the necessary instruments for alleviating the situation with uncertainty. The concept behind it is to support market participants by providing liquidity on exchanges and a safety cushion for retail investors by creating a platform that connects market players and develops algorithms to predict changes in the value of cryptocurrencies. Such instruments based on highly advanced scoring models involving machine learning and AI are incomparable with human intuition that even the luckiest and most prudent investors could ever be endowed with. The multitude of factors involved in predicting a cryptocurrency’s rise or fall are all taken into account by the algorithms that Cryptics employs. Investors should consult such projects as the expense is well worth the ensured profit and peace of mind.

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