Russia Strengthens Regulatory Grip on Crypto Mining with New Legislation

IconCryptoNewsTerminal Staff27 Jul, 2024

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Russia Strengthens Regulatory Grip on Crypto Mining with New Legislation

The Russian Duma (lower house of parliament) has proposed a bill to regulate crypto mining in an effort to curb illicit activities and boost investment and job creation. This move signals a shift in Russia's stance towards cryptocurrency, previously known for its relaxed approach. Under the proposed legislation, only registered Russian companies and individual entrepreneurs will be permitted to engage in legal crypto mining operations. Furthermore, they will be obligated to disclose details regarding mined cryptocurrencies and transaction identifiers to government authorities. This bill is scheduled to undergo two additional readings before being put to a vote. If approved, it is anticipated to take effect from September 1, 2023. This development underscores Russia's evolving perspective on cryptocurrencies and the growing recognition of their economic potential.

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