Russian President Vladimir Putin has signed a new law aimed at regulating the circulation of digital currency. The document, which outlines the government’s authority over various aspects of digital currency mining, has been made available on the official portal of legal information.
Under the new provisions, the government will have the power to impose restrictions on digital currency mining in specific regions and establish the criteria and procedures for implementing such limitations. This may include prohibiting participation in mining pools, which are cooperative groups of miners combining their resources for more efficient currency extraction.
Furthermore, the Cabinet of Ministers will now have the ability to oversee and regulate the operators that provide the necessary infrastructure for mining activities.
Another significant change introduced by the new law is the transfer of the responsibility of maintaining the registry of miners from the mincifers to the Federal Tax Service. Miners who abide by the stipulated limits on electricity usage will not have to be included in the Federal Tax Service Register.
However, individuals who earn income in cryptocurrency will be obligated to declare their digital currency earnings to the Federal Tax Service and provide details of the address used for transactions. The Federal Tax Service will then share this information with Rosfinmonitoring and the Central Bank.
Identifier addresses will be accessible to federal executive bodies, prosecutors, and investigative authorities for monitoring purposes. Miners found to repeatedly violate the law’s requirements within a year may face removal from the registry by the Federal Tax Service.
These new regulations are set to take effect on November 1, reshaping the landscape of digital currency mining in Russia.