Russia Set to Recognize Bitcoin Mining as Economic Activity. According to Osman Kabaloev, the Deputy Director of the Financial Policy Department at Russia’s Ministry of Finance, the recognition of Bitcoin mining as an official economic activity is set to happen soon. Following the approval of a law regulating cryptocurrency mining, this activity would be assigned an OKVED code, which classifies company activities for licensing purposes.According to local sources, the Russian government is set to recognize bitcoin mining as an economic activity soon. Osman Kabaloev, deputy director at the Ministry of Finance’s financial policy department of Russia, stated that the ministry supported this decision and was prepared to assign an OKVED code to the mining activity. An OKVED code is assigned to companies depending on their specific economic activities and helps businesses get licenses from the state pertinent to that activity if required. 

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 Russia is set to recognize Bitcoin mining as an economic activity. After the approval of a crypto mining law, Bitcoin mining would receive an OKVED code to be recognized as an economic activity in Russia . The Russian Ministry of Economic Development has greenlighted the concept of crypto mining regulation in the country, proposing to allow mining operations in areas with sustainable surplus in electricity generation