On October 27, Russian President Vladimir Putin signed a new law aimed at expanding government control over the cryptocurrency sector. This law specifically focuses on enhancing oversight of cryptocurrency mining activities on Russian territory. The government has the authority to suspend the operations of mining pools if violations are detected, and will also expand its powers to monitor transactions potentially related to money laundering or terrorism financing.
This new law not only demonstrates Russia's determination to tightly control the cryptocurrency market but also aims to prevent illegal financial activities. These monitoring measures are intended to protect the Russian economy and financial system from threats posed by illicit cryptocurrency activities, especially as this sector becomes increasingly popular.
