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

Russia's comprehensive cryptocurrency mining regulations went into effect on November 1, reforming the industry with strict energy caps, mandatory registration, and strict supervision. The law officially defines mining as a legal activity in Russia, specifies safety and operational requirements for miners, and creates structures for trading digital financial assets on specially approved platforms.
The framework aims to provide clarity and oversight to Russia's growing cryptocurrency industry in the face of growing 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 an address identifier for each transaction.