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The new law will allow Russian regions to force miners to shut down cryptocurrency mining platforms during periods of electricity shortages. Russian President Vladimir Putin has signed a new law that will “transfer control” of the Russian cryptocurrency mining registry to the country’s tax authority.

According to a report from Izvestia, the Federal Tax Service (FTS) will now oversee the registry of cryptocurrency mining companies, while miners operating from home are not required to register, provided they do not exceed their allowed energy consumption limits.

Russian Crypto Mining Laws: Moscow Responds Quickly

It is noteworthy that the new law essentially amends a bill that was quickly passed in the State Duma earlier this year, which granted the Ministry of Digital Development control over the registry. However, it seems that the Federal Tax Service concluded that it needed full control over the registry to successfully carry out its mission of taxing cryptocurrency miners.

Summary:

A new Russian law allows regions to require cryptocurrency miners to shut down during electricity shortages. President Putin signed this law, transferring control of the mining registry to the Federal Tax Service (FTS). While home miners are exempt from registration if they stay within energy limits, the law amends a previously passed bill that gave control to the Ministry of Digital Development. The FTS determined it needs full control to effectively tax miners.