The law on regulating the circulation of digital currency was signed by Russian President Vladimir Putin, it was published on the federal portal of legal acts. The document comes into force on November 1, and significantly expands the powers of the government and the Federal Tax Service (FTS) in terms of control over miners.
According to the new cryptocurrency law:
- the government will be able to prohibit the mining of digital currency in certain regions and determine the procedure and reasons for introducing restrictions. For example, participation in a mining pool may be prohibited in one of the regions;
- the government will be able to regulate the activities of operators providing infrastructure for mining;
- the register of miners is transferred to the control of the FTS. Miners will be able to mine digital currency without being included in the FTS register if they comply with electricity consumption limits;
- those earning cryptocurrency in Russia will be required to provide the FTS with information about their income from this source and about the address identifiers that are used for earning. Tax authorities will transfer data on miners to Rosfinmonitoring and the Central Bank. If necessary, address identifiers will be opened to federal executive authorities, the prosecutor's office, bodies of inquiry and preliminary investigation;
- a crypto miner may be excluded from the FTS list for a number of reasons, one of which is repeated violation during the year of the requirements established by law for miners.
Earlier this year, legislation regarding cryptocurrency was tightened in Belarus. There, transactions with digital currency outside national crypto exchanges were prohibited.
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