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Bitcoin Digital Government

Russia Publishes New Crypto Law Expanding State Control Over Digital Assets 21

Posted by BeauHD from the state-controlled dept.
Russia has enacted a new law expanding control over cryptocurrency mining, granting multiple federal agencies access to digital currency identifier addresses, among other things. The country is also advancing its regulatory framework and experimenting with crypto in international trade. From a report: Taking effect on Nov. 1, the legislation includes several amendments designed to strengthen oversight and impose limitations on crypto mining activities based on regional needs. The law enables the Russian government to implement mining restrictions by location and define specific procedures and circumstances for banning mining operations. A notable provision in the law gives the government the power to stop digital currency mining pools from functioning in certain areas. Additionally, the government now has the authority to regulate infrastructure providers supporting mining operations.

This legislation also grants multiple federal agencies, beyond the Federal Financial Monitoring Service (Rosfinmonitoring), access to digital currency identifier addresses. This expansion includes federal executive agencies and law enforcement, bolstering their capability to track transactions that may be linked to money laundering or terrorist financing activities. Moreover, the amendments transfer responsibility for the national mining register from the Ministry of Digital Development to the Federal Tax Service, which will now oversee mining registrations for businesses and remove those with repeated infractions. While individual miners can continue without registering if they adhere to specific electricity consumption limits, companies and individual entrepreneurs must comply with new registration requirements.
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Russia Publishes New Crypto Law Expanding State Control Over Digital Assets More

Russia Publishes New Crypto Law Expanding State Control Over Digital Assets

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  • Who’s gonna send Bitcoin to the moon first, BlackRock or Putin?
  • The last line makes an important distinction:

    While individual miners can continue without registering if they adhere to specific electricity consumption limits, companies and individual entrepreneurs must comply with new registration requirements.

    If you're small or not supplying services to others, then you remain unregulated. But if you scale up or start engaging in commerce, then you fall under the regulatory framework.

    • The last line makes an important distinction:

      While individual miners can continue without registering if they adhere to specific electricity consumption limits, companies and individual entrepreneurs must comply with new registration requirements.

      If you're small or not supplying services to others, then you remain unregulated. But if you scale up or start engaging in commerce, then you fall under the regulatory framework.

      Might want to best understand what those “specific” electricity consumption limits are before we assume how to read this new regulation.

      You’re not much of a “miner” if that’s suddenly limited to the monthly usage of an LED-powered toaster, personal or otherwise.

  • Private allowed should be red - large pools of wealth will be grabbed by him. And shooting two with one bullet he also tries to get some money flow across sanctions.
  • Or any other despotic, one-man state. A law is an agreement reached via a process of consensus. Not some degenerate murderer simply expressing his will to his terrified slaves.

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