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New Cryptocurrency Law Implemented in Russia – Here are the Details and…
New Cryptocurrency Law Implemented in Russia – Here are the Details and Expectations
The law that will legalize cryptocurrency mining has been implemented in Russia. Here’s everything we know.
Author:
Mete Demiralp
03.11.2024 – 21:21
Update:
10 hours ago
0
On November 1, Russia introduced sweeping cryptocurrency mining regulations aimed at reshaping the industry with new energy consumption limits, mandatory registration, and strict oversight.
The law, which officially recognizes mining as a legal activity, sets safety and operational standards for miners and creates a regulated structure for trading digital financial assets on approved platforms. The move aims to bring clarity and regulatory oversight to Russia’s burgeoning cryptocurrency sector amid concerns about rising energy use and illegal mining.
The new rules stipulate that only registered organizations and individual entrepreneurs can legally conduct cryptocurrency mining operations. However, individual Russian citizens who are not registered as entrepreneurs are allowed to mine, provided that their electricity consumption does not exceed 6,000 kWh per month. If their usage exceeds this limit, they must register as entrepreneurs to continue mining. This dual approach aims to support smaller-scale mining efforts while imposing stricter requirements on larger, commercial-scale operations.
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The regulations also impose detailed reporting obligations. Miners are now required to report the total amount of cryptocurrencies mined to the Federal Tax Service (FTS) and provide address identifiers for each transaction. To further enhance oversight, the government will keep a registry of miners and mining infrastructure operators. This data will be accessible to various government agencies, including the Central Bank of Russia and regional energy authorities. The regulations also authorize the Electricity Development Commission to impose mining restrictions in regions experiencing electricity shortages, based on recommendations from the Ministry of Energy or local authorities.
*This is not investment advice.
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