Russia's Ministry of Finance is on the verge of recognising Bitcoin (CRYPTO:BTC) mining as an official economic activity, according to Osman Kabaloev, the Deputy Director of the Financial Policy Department.

This recognition involves assigning an OKVED code to mining operations, facilitating licensing processes and altering tax and insurance obligations accordingly.

Although contingent upon the passage of a law regulating cryptocurrency mining, this move aims to bring miners out of the legal gray area in Russia.

Despite the bill's pending status in the State Duma since 2022, the Ministry of Finance anticipates its approval this year, potentially bolstering Russia's role in the global crypto-mining market, as noted by Alexander Razuvaev, a member of the Guild of Financial Analysts and Risk Managers.