ChainCatcher news reports that Russia's comprehensive cryptocurrency mining regulations came into effect on November 1, imposing strict energy limits, mandatory registration, and rigorous oversight to reform the industry. The law officially defines mining as a legal activity in Russia, stipulating safety and operational requirements for miners and creating a framework for trading digital financial assets on specially approved platforms. This framework aims to provide clarity and oversight for Russia's growing cryptocurrency industry, in the face of increasing energy demands and concerns over 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 formally registered as entrepreneurs can also mine, but with a monthly electricity consumption limit of 6,000 kWh. 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 be accessible only to law enforcement agencies, ensuring a degree of privacy protection while enabling oversight. Additionally, miners must ensure that their operations meet standards of reliability, safety, and power stability to mitigate risks to the local power grid.

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.

ChainCatcher news, according to RIA Novosti, the State Duma of Russia has passed a bill in the first reading that legalizes cryptocurrency mining in Russia. According to the bill, the Government of the Russian Federation will reach an agreement with the Central Bank of Russia to establish activity requirements for individuals and legal entities (including pool participants) engaged in digital currency mining. The control (supervision) of compliance with the established requirements will be carried out by the Ministry of Digital Development. The government may also prohibit mining activities in certain regions or specific territories.