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.
Related News: Ripple Releases Third Quarter Report on XRP - Here's the Total Amount of XRP the Company Holds
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.
Continue Reading: New Cryptocurrency Law Implemented in Russia – Here are the Details and Expectations
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.