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Russia has recently announced a six-year ban on crypto mining in ten specific regions starting from January 2025. This decision comes as part of the government’s efforts to ensure a more sustainable and energy-efficient cryptocurrency industry.
According to reports, these 10 regions will no longer be allowed to engage in any form of crypto mining activity for the next six years until 2031. The ban is specifically targeting areas such as Irkutsk, the Republic of Buryatia, and Zabaikalsky in Siberia, where crypto mining operations have been found to significantly strain local electrical systems.
In addition to this blanket ban on certain regions, Russia has also announced that it will be implementing seasonal limits on mining activities throughout other significant sites. This means that these sites will need to reduce their operations during the winter months (December to March annually) until 2031 in order to conserve energy and prevent outages.
This move by the Russian government underscores growing concerns over the energy-intensive nature of crypto mining and its potential impact on national power supplies. Russia, known for its low-cost energy prices, is taking steps to ensure that the industry operates sustainably while still promoting technological advancements.
Moreover, this new policy will require all miners operating in these regions to register with the Federal Tax Service and provide detailed information about their wallet addresses and assets. This increased transparency is aimed at reducing illegal activities and improving tax law compliance assurance.
It’s worth noting that this ban and regulation are part of a larger trend towards stricter oversight within Russia’s crypto ecosystem. Prior reports have indicated that Russia’s upper chamber has approved changes to the country’s tax laws, which would require mining companies to reveal client information and charge up to a 15% income tax on all crypto transactions.
As the national wealth fund invests in Bitcoin mining alongside other BRICS countries, it becomes clear that the government is taking steps to ensure the sustainable growth of the industry.
Source: www.crypto-news-flash.com
