Regulation of the Cryptocurrency Industry in Russia

⚪The State Duma has ratified laws regulating the cryptocurrency industry in its second and third readings. The new amendments introduce legal concepts such as mining, mining pools, cryptocurrency mining operators, and digital asset circulation organizations.

🔵Now, legal entities and individual entrepreneurs will be able to legally engage in mining after registering in a special registry. Ordinary citizens will also be allowed to mine cryptocurrency, but only if their activities comply with established energy limits. The government reserves the right to restrict mining in certain regions of the country.

🔴Specialists will be required to report their activities to Rosfinmonitoring. They will also need to provide data about their crypto addresses to the FSB, Federal Tax Service (FNS), and Rosimushchestvo. Rosfinmonitoring will track addresses that may be involved in terrorism financing and money laundering.