Russia's cryptocurrency mining regulations come into effect, officially defining mining as a legal activity

Russia's comprehensive cryptocurrency mining regulations went into effect on November 1st, with strict energy limits, mandatory registration, and strict supervision reforming the industry. The law officially defines mining as a legal activity in Russia, stipulating safety and operational requirements for miners, and creating a structure for trading digital financial assets on specially approved platforms. The framework aims to provide clarity and supervision for Russia's growing cryptocurrency industry, facing increasing energy demands and concerns about illegal mining activities.

Under the new regulations, only registered organizations and individual entrepreneurs can legally engage in cryptocurrency mining. 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.