Russian President Vladimir Putin has signed a law expanding his authority to oversee cryptocurrency mining and related infrastructure, approving new regulations that will take effect on November 1. The law authorizes the government to limit or ban mining operations in certain regions and shut down cryptocurrency mining pools, as well as regulate service providers that support infrastructure. The law is expected to bring about a significant change in Russia's mining policies by introducing regulations based on regional needs.
Under the new regulations, the Financial Monitoring Service and other federal agencies will have access to crypto ID addresses to track transactions suspected of money laundering or terrorist financing. The management of national mining registries will be transferred from the Ministry of Digital Development to the Federal Tax Service, while companies and individual entrepreneurs will be required to register to mine. However, individual miners will be exempt from this requirement, provided they comply with certain electricity consumption limits.
