PANews reported on November 3rd that according to News.bitcoin, Russia's comprehensive cryptocurrency mining regulations came into effect on November 1st, reforming the industry with strict energy caps, mandatory registration, and strict supervision. The law officially defines mining as a legal activity in Russia, stipulates safety and operational requirements for miners, and creates a structure for trading digital financial assets on specially approved platforms. The framework is designed to provide clarity and supervision for Russia's growing cryptocurrency industry in the face of growing energy demand and concerns about illegal mining activities.
Under the new regulations, only registered organizations and individual entrepreneurs can legally engage in cryptocurrency mining. However, individual Russian citizens who are not officially registered as entrepreneurs can also engage in mining, but their electricity consumption is capped at 6,000 kWh per month. If they exceed this limit, they will need to register as entrepreneurs to continue their mining activities. This approach ensures that smaller individual mining operations remain viable while imposing stricter requirements on larger, potentially commercial operations. The regulations also establish detailed reporting obligations for miners, requiring them to disclose the total amount of digital currency mined to the Federal Tax Service (FTS) and provide address identifiers for each transaction. This information will only be accessible to law enforcement agencies, ensuring a certain level of privacy while enabling oversight. In addition, miners must ensure that their operations meet standards of reliability, security, and power stability to reduce risks to the local power grid.
