Russia bans cryptocurrency mining in 10 regions until 2031

• Russia will impose a six-year ban on cryptocurrency mining in ten regions starting in January 2025.
• New laws require Russian miners to register assets and disclose wallet information to improve oversight and compliance.

Russia has taken substantial steps to regulate cryptocurrency mining, enacting policies that may change the company within its borders. according to TASS10 regions will be completely banned from cryptocurrency mining starting January 1, 2025, six years from now.

These steps seek to solve the problem of power shortages and stop power outages during periods of highest electricity consumption. Particularly affected areas are Irkutsk, the Republic of Buryatia, and Zabaykalsky in Siberia, where mining operations significantly strain local electrical systems.

Other important mining sites will also be subject to seasonal restrictions, reducing activities throughout the winter when energy use rises.

Balancing energy requirements and regulatory oversight in cryptocurrency mining

This choice highlights growing concerns about the energy-intensive nature of the product Crypto mining And its impact on national energy supplies. Siberia, known for cheap energy prices, will impose seasonal limits on mining activities from December to March annually until 2031.

A year-round ban on mining operations will be implemented in the North Caucasus and captured areas of Ukraine, including Donetsk and Luhansk. These steps highlight the government’s attempts to reconcile maintaining stable energy supplies for businesses and citizens and promoting technical developments.

Apart from these mining limits, Russia He is overseeing the crypto industry more and more. The new rules require miners to register with the Federal Tax Service and provide comprehensive details of their wallet addresses and assets.

These measures seek to improve industry openness by ensuring compliance with tax law and reducing illegal activity. However, these restrictions and responsibilities reflect a larger regulatory trend targeting the entire Russian cryptocurrency ecosystem and not just miners.

previously, CNF reported Changes in tax legislation adopted by the Supreme Council of Russia oblige mining companies to disclose customer information and impose an income tax of up to 15% on cryptocurrency transactions.

This legislative action comes at the same time as national interest in cryptocurrency operations is rising. In particular, the Russian National Wealth Fund has recently made investments in Bitcoin mining among the BRICS countries.