The post Russia Bans Crypto Mining in 10 Regions Until 2031 appeared on BitcoinEthereumNews.com.

Russia will enforce a six-year ban on crypto mining in ten regions starting January 2025. New laws require Russian miners to register assets and disclose wallet information for better oversight and compliance. Russia has taken substantial moves to regulate crypto mining, enacting policies that might change the company within its borders. According to Tass, 10 regions will be completely banned from mining crypto starting on January 1, 2025, six years from now. These steps seek to solve power shortages and stop outages during periods of highest electricity consumption. Particularly impacted are areas including Irkutsk, the Republic of Buryatia, and Zabaikalsky in Siberia, where mining operations significantly strain the local electrical systems. Other significant mining sites will also be subject to seasonal limits, which will reduce activities throughout the winter when energy usage rises. Balancing Energy Demands and Regulatory Oversight in Crypto Mining  The choice underscores rising worries about the energy-intensive character of crypto mining and its effects on the national power supply. Known for cheap energy prices, Siberia will impose seasonal limits on mining activities from December to March annually until 2031. A year-round ban on mining operations will be implemented in the North Caucasus and seized areas of Ukraine, including Donetsk and Luhansk. These steps highlight the government’s attempts to reconcile preserving a steady energy supply for companies and citizens with promoting technical developments. Apart from these mining limits, Russia is supervising the crypto industry more and more. New rules mandate that miners register with the Federal Tax Service and furnish comprehensive details on their wallet addresses and assets. These actions seek to improve industry openness by means of tax law compliance assurance and reduction of unlawful activity. These limitations and responsibilities, however, reflect a larger regulatory trend aiming at the whole Russian crypto ecosystem and are not confined…

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Filed under: News - @ December 25, 2024 6:23 am