According to ShibDaily, Russian President Vladimir Putin has signed a new law transferring the oversight of cryptocurrency mining from the Ministry of Digital Development to the Federal Tax Service (FTS). This legislative change is anticipated to enhance government access to digital currency transactions and impose new regional restrictions on cryptocurrency activities. The law delegates the management of the national registry of digital currency miners to the FTS, thereby strengthening its capacity to monitor digital currency transactions and the broader cryptocurrency economy within Russia.
With this new authority, the FTS will have access to crucial identifiers for all digital currency sale orders, including unique transaction identifiers and addresses. This will provide tax authorities with comprehensive information about digital currency flows within the country, equipping them with tools to better enforce tax regulations on crypto transactions. This shift is part of a broader effort by Russian regulatory bodies to bring clarity and control to the digital currency market. The new law also grants additional access to transaction data to various government entities, including Rosfinmonitoring, the FSB, and other investigative agencies. These entities, along with the prosecutor’s office and other law enforcement bodies, will now be able to request and receive detailed transaction information.
In addition to the transfer of registry management, the law imposes new restrictions on where cryptocurrency mining can occur. Certain regions will now face outright bans on digital currency mining, likely as a measure to address concerns over energy consumption and grid stability. Mining has previously led to power shortages in some areas, prompting authorities to consider localized restrictions. The move toward a more formalized structure for cryptocurrency mining follows Russia’s earlier announcement on August 8 to legalize cryptocurrency mining for certain groups starting in November. This allows Russian entities and registered individual entrepreneurs to engage in crypto mining as long as they are registered with the Ministry of Digital Development. Individuals not registered as entrepreneurs may also mine cryptocurrency but will be subject to strict government-set energy consumption limits, ensuring that private mining operations do not destabilize regional energy supplies.
Oleg Ogienko, Deputy General Director for Communications at BitRiver, a prominent Russian cryptocurrency mining company, has expressed support for these changes. He stated that formal regulation of mining will contribute to IT sector growth and job creation. Russia has been leveraging crypto-based transactions with platforms like Exved. This article is provided for informational purposes only and should not be construed as financial advice. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.