On November 1, Russia implemented comprehensive cryptocurrency mining regulations, officially defining the mining process as a legal activity. The new law sets energy caps, requires mandatory registration of miners, and offers strict supervision to reform the industry. The regulations aim to provide clarity and oversight for the growing cryptocurrency industry in Russia, addressing concerns about illegal mining and energy demand.
Only registered organizations and individual entrepreneurs can legally engage in mining, while individual Russian citizens can also mine as long as their monthly electricity consumption does not exceed 6,000 kWh. If the limit is exceeded, they must register as entrepreneurs to continue mining. The new rules also require miners to report the total amount of digital currency mined and provide transaction identifiers to the Federal Tax Service (FTS).
The government will maintain a register of miners and mining infrastructure operators, which will be used by various government agencies, the Central Bank of Russia, and regional electricity authorities. In cases of power shortages, the government may impose mining restrictions, following the advice of the Electricity Development Commission and local authorities.
