Russia is gearing up to crack down hard on anyone mining cryptocurrencies without permission. Courts could grab miners’ coins and hand out big fines if a new set of rules moves forward. The plan comes from the Ministry of Digital Development, Communications, and Mass Media and is now under review by other government agencies.
Companies found running illegal operations would get hit hardest. They may pay between 1 million and 2 million rubles – roughly $12,730 to $25,455.
Last year’s law lets unregistered Russians mine at home, as long as they use under 6,000 kWh per month. That rule will stay in place, but it won’t apply everywhere.
About 10 regions, including some areas under Russian control, already have extra limits. Plus, anyone with past economic crime or terrorism convictions will be barred from mining.
The Central Bank says taking away someone’s coins will be the biggest deterrent.
The ministry wants to change the country’s code so that serious mining violations become criminal offenses. That would raise the stakes. Instead of just paying a ticket, offenders could face criminal records.
The proposal is still under interdepartmental review. If it clears that stage, it will go to lawmakers for approval. Until then, miners and firms will watch closely. Many expect this to push some out of Russia’s market or underground. Others may find ways to register and stay within the rules.
Featured image from Pexels, chart from TradingView
