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Russia Adopts Law Regulating Digital Assets: What to Know
The post Russia Adopts Law Regulating Digital Assets: What to Know appeared on BitcoinEthereumNews.com. Russia’s State Duma has approved a new law regulating cryptocurrency mining and the circulation of digital assets. The law will come into effect 10 days after its official publication. Presented by Anatoly Aksakov in November 2022, the bill faced delays due to departmental disagreements but was finalized in April 2024 and passed its first reading on July 24, 2024. Russia’s Digital Asset Law Explained The new law delineates the requirements for cryptocurrency miners in Russia. Only companies and individual entrepreneurs registered in Russia, and listed in the register of mining infrastructure operators, are permitted to mine. Home miners won’t have to register with the regulator, provided they adhere to energy consumption limits set by the Russian government. The Ministry of Digital Development will maintain the register, while the Bank of Russia will set criteria for inclusion. Miners with criminal records for economic crimes, or those specified under Federal Law No. 115-FZ ‘On Countering the Legalisation of the Proceeds of Crime (Money Laundering) and the Financing of Terrorism’, cannot participate. The law also allows the government to ban mining in specific regions. Read more: Top 9 Crypto-Friendly Countries For Digital Assets Investors To monitor the industry’s financial impact, miners must report their earnings and wallet addresses to an authorized body, with the frequency and scope of reporting determined by the government. The Federal Financial Monitoring Service will track addresses involved in illegal activities or money laundering. Non-compliant miners risk disconnection from the power grid and legal consequences. The initial version of the law banned the use and sale of mined cryptocurrency in Russia, but lawmakers removed this restriction. Alongside the new mining rules, Russian platforms are now permitted to trade in foreign digital financial assets (DFA) under the oversight of the Central Bank. The regulator has the authority to ban specific coins…
The post Russia Adopts Law Regulating Digital Assets: What to Know appeared on BitcoinEthereumNews.com.
Russia’s State Duma has approved a new law regulating cryptocurrency mining and the circulation of digital assets. The law will come into effect 10 days after its official publication. Presented by Anatoly Aksakov in November 2022, the bill faced delays due to departmental disagreements but was finalized in April 2024 and passed its first reading on July 24, 2024. Russia’s Digital Asset Law Explained The new law delineates the requirements for cryptocurrency miners in Russia. Only companies and individual entrepreneurs registered in Russia, and listed in the register of mining infrastructure operators, are permitted to mine. Home miners won’t have to register with the regulator, provided they adhere to energy consumption limits set by the Russian government. The Ministry of Digital Development will maintain the register, while the Bank of Russia will set criteria for inclusion. Miners with criminal records for economic crimes, or those specified under Federal Law No. 115-FZ ‘On Countering the Legalisation of the Proceeds of Crime (Money Laundering) and the Financing of Terrorism’, cannot participate. The law also allows the government to ban mining in specific regions. Read more: Top 9 Crypto-Friendly Countries For Digital Assets Investors To monitor the industry’s financial impact, miners must report their earnings and wallet addresses to an authorized body, with the frequency and scope of reporting determined by the government. The Federal Financial Monitoring Service will track addresses involved in illegal activities or money laundering. Non-compliant miners risk disconnection from the power grid and legal consequences. The initial version of the law banned the use and sale of mined cryptocurrency in Russia, but lawmakers removed this restriction. Alongside the new mining rules, Russian platforms are now permitted to trade in foreign digital financial assets (DFA) under the oversight of the Central Bank. The regulator has the authority to ban specific coins…
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