Russia enacts control measure on Bitcoin mining operations
Key Takeaways
- The new Russian law allows the government to ban digital currency mining in specific areas.
- Federal agencies now have access to digital currency identifier addresses.
The Russian government has enacted a new law regulating digital currency turnover, aiming to control Bitcoin and crypto mining activities, Russian news agency TASS reported Saturday.
Set to take effect on November 1, the legislation enables the Russian government to ban digital currency mining in designated regions or territories. It also outlines the conditions under which such bans can be implemented.
Under the new regulations, the government can regulate the activities of mining infrastructure operators, a shift from previous obligations to a now formalized right, the report stated.
The law also broadens the scope of entities that can access digital currency identifier addresses. Previously limited to the Federal Financial Monitoring Service, now all federal executive bodies, including inquiry and investigative agencies, have this capability.
The new law permits individuals to mine without registration if they stay within specific electricity usage limits, whereas businesses must be registered to mine legally.
The Federal Tax Service will oversee the miner’s register, which was formerly managed by the Ministry of Digital Development. For repeated infractions within a year, the Federal Tax Service can remove companies from the miner’s register, prohibiting them from providing services to unregistered or deregistered entities.
The latest development comes after Russia legalized crypto mining earlier this year. The law allows Russian legal corporations to participate in large-scale crypto mining activities. Individuals can also mine without registering if they adhere to specific electricity consumption limits.
The Russian government is ramping up efforts to capitalize on the digital asset economy. Several developments have been made over the past few months to establish a regulatory framework for crypto mining and an experimental regime for cross-border crypto settlements and trading.
In late August, Moscow initiated tests to use crypto for international payments, regulated by the Bank of Russia, to lessen sanctions’ impact.
Putin recently confirmed that the BRICS group, which includes Russia, will explore the use of digital currencies for investment. Members of the group aspire to reduce their reliance on the US dollar . Digital currencies can help them achieve that goal while also benefiting developing economies and their member countries.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
New spot margin trading pair — HOLO/USDT!
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn
- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

OPEN has dropped by 189.51% within 24 hours during a significant market pullback
- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

New spot margin trading pair — LINEA/USDT!
Trending news
MoreCrypto prices
More








