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

Russia's comprehensive cryptocurrency mining regulations came 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, sets safety and operational requirements for miners, and creates a structure for trading digital financial assets on specially approved platforms.

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 address identifiers for each transaction.