🇷🇺 Russia's new cryptocurrency mining regulations officially take effect on November 1!
From November 1, Russia officially implemented a new set of strict mining regulations, which also means that mining activities have been officially legalized in the country and are no longer on the fringe.
The new regulations include strict energy consumption caps, mandatory miner registration, and enhanced regulatory measures to regulate and supervise the growing cryptocurrency mining industry.
According to regulations, mining in Russia now requires registration, whether it is a company or an individual business, it must have a legal identity. Individual mining is also OK, but the monthly electricity consumption cannot exceed 6,000 kWh. If it exceeds, it must be registered as a company.
In terms of supervision, miners must report the total amount of your digital currency and the address of each transaction to the tax bureau. This information is required to be visible only to law enforcement agencies, which not only protects privacy but also ensures that supervision is in place.
At the same time, mining must ensure the safety and stability of operations and cannot cause trouble to the local power grid. The local government will also maintain a registration information database for miners for use by relevant departments.
However, if there is a power shortage, the government may restrict mining activities in certain areas. I heard that the Far East, Southwest Siberia and the South may be the first restricted areas because these places will not be able to meet the high energy consumption requirements of mining before 2030.
In short, Russia's cryptocurrency mining industry will usher in a major change, which is not only a challenge for miners, but also a test for the entire energy management and regulatory system. Let's wait and see what impact these new regulations will have!
🗣 Conclusion:
With the implementation of Russia's new mining regulations, we have also witnessed the country's cryptocurrency mining industry from the fringe to the mainstream stage.
These new regulations not only provide clear legal guidance for miners, but also bring challenges to the energy management and regulatory system.
This is not only a major adjustment of Russia's domestic policies, but may also have a far-reaching impact on the global cryptocurrency market.
💬What impact do you think these new regulations will have on Russia's cryptocurrency market? Whether it will cause other countries around the world to follow suit is worth our attention and expectation!
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