Russian government approves bill toughening illegal cryptocurrency mining regulations

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Government commission backs bill to regulate cryptocurrency in Russia, RIA Novosti reports.

The draft law aims to establish comprehensive rules for cryptocurrency transactions in Russia, legalizing key operations while strengthening state oversight. The main goal is to bring the cryptocurrency market out of the "gray zone," protect investors, and ensure compliance with currency regulations.

The bill defines basic terms related to digital assets, including digital currency, digital financial assets, utility digital rights, and hybrid digital rights.

It envisions the creation of specialized organizations authorized to handle cryptocurrencies. These include digital depositories, responsible for tracking ownership of digital assets; cryptocurrency exchange companies; and operators of information systems, which will issue and distribute digital rights. All such entities must be registered in special lists and supervised by the Central Bank of Russia.

A separate section of the document focuses on mining. The bill introduces official definitions of mining and mining pools. Mining activities will be allowed only for legal entities and individual entrepreneurs registered in a special registry, as well as individuals within state-set energy consumption limits.

Transactions involving digital currency for Russian residents would be permitted only through authorized intermediaries, including brokers and specialized exchange organizations. Unqualified investors will face restrictions on the amount of cryptocurrency they can purchase and will be required to pass mandatory tests before making transactions.

The bill also regulates the issuance and circulation of digital financial assets, which are treated as a digital equivalent of traditional securities. Issuers will be required to disclose information about the companies issuing these assets and ensure investor protection.

Additionally, the bill introduces a "digital control" mechanism, requiring market participants to verify cryptocurrency addresses for potential links to illegal activities. Specific provisions target fraud prevention and include mechanisms for recovering funds in cases of suspicious transactions.