Russia releases new crypto regulations, expanding regulation of mining and related infrastructure

The Russian government released a document on Friday detailing a law signed by President Vladimir Putin that expands the scope of digital currency regulation. The new law significantly expands government oversight of cryptocurrency mining activities and related infrastructure across the country. The legislation, which will take effect on November 1, includes several amendments aimed at increasing 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 for prohibiting mining operations. One notable provision in the law gives the government the power to block digital currency mining pools from operating in certain regions. Additionally, the government now has the power to regulate infrastructure providers that support mining operations. The legislation also grants access to digital currency identification addresses to multiple federal agencies beyond the Federal Financial Monitoring Service (Rosfinmonitoring). This expansion includes federal executive and law enforcement agencies, enhancing their ability to track transactions that may be related to money laundering or terrorist financing activities. In addition, the amendments transfer responsibility for the National Mining Register from the Ministry of Digital Development to the Federal Tax Service, which will now oversee the mining register of businesses and remove those that repeatedly violate regulations. While individual miners can continue to work without registration if they adhere to certain electricity consumption limits, companies and individual entrepreneurs must comply with the new registration requirements. (Bitcoin.com)