PANews reported on October 28 that according to Crypto Briefing, the Russian government has enacted a new law to regulate digital currency transactions, aimed at controlling Bitcoin and cryptocurrency mining activities. The bill will take effect on November 1, authorizing the Russian government to ban digital currency mining in designated regions or territories. The bill also outlines the conditions for implementing such a ban.
According to the report, under the new regulations, the government can regulate the activities of mining infrastructure operators, from a previous obligation to a formal right now. The law also expands the scope of entities that can access digital currency identification addresses. Previously limited to the Federal Financial Supervisory Service, now all federal administrative agencies, including investigation and investigative agencies, have this power. The new law allows individuals to mine without registration within certain electricity consumption limits, while companies must register to mine legally. The Federal Tax Service will be responsible for supervising the miners' register, which was previously managed by the Ministry of Digital Development. For companies that repeatedly violate regulations within a year, the Federal Tax Service can remove these companies from the miners' register and prohibit them from providing services to unregistered or deregistered entities.
