According to a report by Prime, the Russian crypto sector is expanding at a fast rate. The number of businesses operating in the crypto mining space has gone up phenomenally and it is slowly turning Russia into a preferred mining destination.
The Russian Association of Cryptoindustry and Blockchain (RACIB) is working on two projects to create mining pools offering better conditions to the local mining companies. The industry has seen robust growth with 75,000 enterprises currently operating in the field.
Russian authorities are preparing to adopt the long-awaited crypto regulations. The revamped legislation will be presented for public discussions in October, before lawmakers in the State Duma accept it for the second reading and final approval.
RACIB also plans to facilitate the “full legalization” of the mining business. This month RACIB will present a proposal to introduce a certification regime for crypto miners. The documents and standards are currently being prepared in cooperation with representatives of the industry.
Source & Full article: BCFocus