Russia Enacts New Law Regulating Digital Currency Turnover, Targeting Bitcoin and Crypto Mining Activities

The Russian government has enacted a new law regulating digital currency turnover, aiming to control Bitcoin and crypto mining activities, Russian news agency TASS reported Saturday.

Key Takeaways

* Russian government enacts new law to regulate digital currency turnover, aiming to control Bitcoin and crypto mining activities.

* The law will come into effect on November 1 and enables the government to ban digital currency mining in designated regions.

* The legislation outlines the conditions under which such bans can be implemented.

* The government will now be able to regulate the activities of mining infrastructure operators, a shift from previous obligations.

* The law broadens the scope of entities that can access digital currency identifier addresses, now including all federal executive bodies.

* Individuals can mine without registration if they stay within specific electricity usage limits, whereas businesses must be registered to mine legally.

* The Federal Tax Service will oversee the miner’s register, and for repeated infractions within a year, the Federal Tax Service can remove companies from the miner’s register.

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