The State Duma of the Russian Federation adopted in the first reading a bill on regulating mining activities

A bill was adopted in the first reading, which introduces regulation for all participants in mining activities.

1️. Who regulates?

The Government of the Russian Federation, in cooperation with the Bank of Russia, will establish requirements for mining. Control over implementation is assigned to the Ministry of Digital Development.

2️. Who can mine?

Only Russian legal entities and sole traders included in a special register.
Individuals who do not exceed energy consumption limits will be able to mine without being included in the register.

3️. Restrictions introduced

 To resolve energy consumption issues when mining digital currency, the bill establishes the possibility of banning mining activities in certain constituent entities of the Russian Federation or in their certain territories.

4️. Currency withdrawal

 Direct sale of digital currency by miners is allowed without the use of Russian information infrastructure.

5️. Control over the circulation of digital currency

 The bill implements the measures to prevent the use of cryptocurrencies for money laundering and terrorist financing, in particular, the Federal Service for Financial Monitoring will maintain a list of identifier addresses who are suspected of carrying out operations with a purpose of money laundering or terrorist financing.

Miners will also be required to provide information about receiving digital currency and the identifier addresses of their digital wallets.

In fact, the bill is aimed at creating a transparent and safe environment for mining, minimizing risks and preventing the possibility of illegal activities.