Russian Lawmakers Poised to Legalize Industrial Crypto Mining Sector, Impose Limits on Home-Based Miners

Russian lawmakers are on the verge of legalizing the industrial crypto mining sector in the country, with potential strict limits on home-based “private” miners. Deputy Chairman of the State Duma Committee on Information Policy Anton Gorelkin confirmed that a new mining law will be debated in the current session.

The proposed mining bill is expected to be bundled with crypto regulations that could ban crypto exchanges from operating in Russia, except for those supervised by the Central Bank. Industrial miners may have access to these exchanges to sell their tokens, while individuals exceeding energy consumption limits set by the government will need permits to mine.

The bill aims to regulate the energy consumption of miners, with industrial miners required to report their activities to the anti-money laundering agency. Additionally, the law may give the Russian government the authority to ban mining activities in certain regions.

Experts have expressed mixed opinions on the new bill, with some noting previous failed attempts to regulate mining in Russia. Despite talks of adopting the bill by September, revisions may be necessary before a vote.

The potential changes in Russia’s crypto mining sector have sparked interest and concern among industry players and observers, as the country navigates the evolving landscape of digital currencies and regulations. Stay tuned for updates on this developing story.