Russia issues new cryptocurrency regulations, expanding the scope of oversight on mining and related infrastructure

ChainCatcher news, according to Bitcoin.com, the Russian government released a document on Friday detailing a law signed by President Putin that expands the scope of digital currency regulation. This new law significantly increases government oversight of cryptocurrency mining activities and related infrastructure nationwide.

The legislation will take effect on November 1, and includes several amendments aimed at strengthening oversight and imposing restrictions on crypto mining activities based on regional needs. The law enables the Russian government to implement mining restrictions based on location and defines specific procedures and circumstances under which mining operations are prohibited. A notable provision in the law grants the government the power to block digital currency mining pools from operating in certain areas. Additionally, the government now has the authority to regulate infrastructure providers that support mining operations.

This legislation also authorizes multiple federal agencies, beyond the Federal Financial Monitoring Service (Rosfinmonitoring), to access digital currency identification addresses. This expansion includes federal administrative and law enforcement agencies, enhancing their ability to track transactions that may be related to money laundering or terrorist financing activities.

Furthermore, the amendments transfer the responsibility for the national mining registry from the Ministry of Digital Development to the Federal Tax Service, which will now oversee the registration of mining businesses and remove companies that repeatedly violate regulations. While individual miners can continue to operate without registration if they comply with specific electricity consumption limits, companies and individual entrepreneurs must adhere to the new registration requirements.