New Russian Law Will Legalize Industrial Crypto Miners, Limit Private Mining

Russia is considering a new law that would legalize industrial crypto mining while imposing limitations on private mining. The State Duma, the lower house of the Russian parliament, will debate the mining bill in its current session. The proposed law may also include regulations to ban crypto exchanges from operating in Russia, with exceptions made for companies operating in a Central Bank-supervised sandbox. Industrial miners may be allowed access to Moscow-controlled exchanges, but only for selling their tokens. The bill suggests that only Russian firms and business operators with permission will be allowed to continue mining. Individuals who do not exceed government-established energy consumption limits would be able to mine coins without applying for permits. However, the energy consumption caps are yet to be determined. Industrial miners would also need to provide reports on their activities to the nation’s anti-money laundering agency. The law may grant power to energy providers and local government bodies, allowing them to ban mining activities in certain regions. Experts have mixed opinions on the proposed law, with some suggesting that it would need revisions before being passed.