Russia To Implement Temporary Ban on Crypto Mining in Select Regions
Russian authorities are set to impose a temporary ban on crypto mining in several regions, including some occupied territories in Ukraine, as part of a strategy to mitigate power shortages during the winter months.
The decision follows a government commission led by Deputy Prime Minister Alexander Novak, aimed at regulating energy consumption amid the ongoing heating season.
The ban will affect six regions in the North Caucasus and specific areas of occupied Ukraine, with restrictions scheduled to be in place from December 2024 through March 2031. Additionally, the Zabaikalsky region in Siberia will experience similar mining prohibitions from December 2024 until mid-March the following year, with annual restrictions continuing through 2031.
These measures come after President Vladimir Putin recently signed new legislation aimed at regulating the crypto mining sector.
The Russian government has also approved draft amendments concerning taxation for income and expenses related to crypto transactions and mining operations.
In conjunction with the mining ban, the government has established a power consumption limit of 6,000 kilowatt-hours (kWh) per month for unregistered individual miners.
Those who exceed this limit will be required to register as individual entrepreneurs to continue their mining activities legally.
