- Registration Process for Mining Companies
- Penalties for Law Violation
- Goals of Mining Legalization
Starting November 1, 2024, a new law will come into effect in Russia that will fully legalize cryptocurrency mining. This change aims to bring transparency to the mining sector and reduce the number of illegal mining farms that currently consume excessive amounts of electricity.
Registration Process for Mining Companies
Under the new law, mining companies and individual entrepreneurs will be required to register in a special registry to legally continue their operations. This step aims to simplify control in the mining sector and ensure the legality of their operations.
Penalties for Law Violation
Miners operating without registration or who exceed certain energy consumption limits will face harsh penalties. These penalties include equipment confiscation and multi-million ruble fines. Authorities are determined to crack down on the 'grey' mining market, which has been blamed for contributing to energy shortages in Siberia and other key regions.
Goals of Mining Legalization
The creation of a clear regulatory framework is aimed at making mining a legal and profitable business. While the goal is to eliminate illegal activities that strain the energy sector, legalization will also benefit the development of the economy and the use of modern technologies.
The introduction of this law aims to regulate mining activities in Russia, create transparency in the sector, and eliminate illegal operations, providing a legal foundation for the development of the industry.
