The Russian State Duma has passed amendments in the second and third readings to several legislative acts concerning the regulation of cryptocurrency mining, as reported by TASS.
Notably, the law “On Electric Power Industry” now grants the government the authority to prohibit digital currency mining, including participation in mining pools, in specific regions or territories of Russia. The government will also determine the procedures and instances for implementing such bans.
The government’s obligation to coordinate the activities of mining infrastructure operators and the nature and volume of services they provide has been replaced with the right to impose such requirements.
The law “On Digital Financial Assets” has expanded the range of entities eligible to receive a digital currency address identifier.
The registry of miners has been transferred to the jurisdiction of the FTS of Russia, with the Ministry of Digital Development previously serving as the authorized body.
Mining infrastructure operators will be prohibited from providing services to individuals not included in this list.
The document will come into effect on November 1.
In July, Russia adopted basic regulations for cryptocurrency mining. 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. This, in turn, led to a surge in various types of scams.