Russian President Vladimir Putin has signed a law regulating the circulation of digital currency within the country. The document will come into effect on November 1, 2024.
Control over the registry of miners is being transferred from the Ministry of Digital Development to the FTS. The latter will have the authority to remove companies from the list for violations within one year.
The registry may include individual entrepreneurs and legal entities. Individuals are allowed to mine digital currency without being included in the list, provided they do not exceed certain electricity consumption limits.
The Russian government has been granted the right to prohibit mining, including participation in pools, in specific regions and their territories. The cabinet will also be able to establish the procedures and cases for implementing such restrictions.
In July, basic regulation of cryptocurrency mining in Russia was adopted. ForkLog examined its impact on the industry in a separate article.
One consequence of the law’s adoption was the tightening of advertising requirements for promoting digital assets, mining, blockchains, and crypto projects. As a result, this led to a surge in various types of scams.