Russian Law to Change Nation’s Crypto Mining Sector?
It appears that the mining bill will be bundled with proposed crypto regulation that would effectively ban crypto exchanges from operating in Russia.
Certain exceptions will be made for companies operating in a Central Bank-supervised sandbox.
However, the bank appears to have made this concession exclusively for international trade firms that use crypto in place of USD in international trade deals.
Industrial miners, it appears, may also be allowed access to these Moscow-controlled exchanges under the new proposals.
But they will only be allowed to use these platforms to sell their tokens.
Gorelkin explained that the new bill proposes that “only Russian firms and business operators who have obtained permission” will be allowed to continue mining.
Lawmakers have previously said they hope the bill will be adopted in the coming weeks, and that it will come into force on September 1.
Permit System to Roll Out
Gorelkin added that “individuals who do not exceed energy consumption limits established by the government” would be free to mine coins “without applying for permits.”
This would be a step back from previous efforts to ban all forms of non-industrial crypto mining
However, it remains to be seen what the proposed energy consumption caps would be. Russian energy providers have been cracking down on illegal mining operations in recent months, an indication that their tolerance threshold for home-based miners may already be low.
Industrial miners will also be obliged to provide reports on their activities to Rosfinmonitoring, the nation’s anti-money laundering agency.
