#What New Regulations Are Being Proposed for Cryptocurrency Mining in Russia?
New regulatory measures are on the horizon in Russia, specifically targeting illegal cryptocurrency mining activities. The country's Ministry of Justice has unveiled a set of amendments to the Criminal Code. These changes propose stringent penalties for individuals and entities that engage in cryptocurrency mining without proper government registration.
According to reports, the potential fines for such illegal activities can escalate to as much as 1.5 million rubles. In addition to monetary penalties, offenders could also face up to two years of compulsory labor. More severe cases, particularly those involving substantial profits or links to organized crime, may result in prison sentences extending to five years.
#Why Is Legal Registration Important for Miners?
Legal registration has been a requirement since Russia legalized regulated cryptocurrency mining in November 2024. All miners are required to register with the Federal Tax Service. It is notable that over 1,000 miners have already complied with this registration requirement, signifying the start of a more structured approach to this evolving industry.
These amendments reflect Russia's growing intent to regulate and control its cryptocurrency mining sector, aiming to balance innovation with legal accountability. Reports suggest that this move is part of broader drafts published on the official legal and regulatory portals in Russia, underscoring the urgent need to establish a more organized cryptocurrency ecosystem in the country. It is essential for current and prospective miners to remain informed and compliant as these changes take effect.