Russia to Legalize Cryptocurrency Mining on November 1, 2024

Starting November 1, 2024, Russia will implement a groundbreaking law that will fully legalize cryptocurrency mining within its borders. Under the new law, mining companies and individual entrepreneurs will be required to register in a special registry to legally continue their operations. This move is expected to bring transparency to the mining sector and reduce the number of illegal mining farms that currently consume excessive amounts of electricity.

However, miners operating without registration or who exceed certain energy consumption limits will face harsh penalties, including 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. By creating a clear regulatory framework, Russia aims to make mining a legal and profitable business, while cutting off illegal activities that strain the energy sector.