TechFlow news, October 27 — According to Bitcoin.com News, Russian President Putin recently signed a new cryptocurrency regulation bill, set to take effect on November 1. The legislation significantly expands government oversight of cryptocurrency mining activities, granting authorities the power to restrict mining operations based on regional demands and to shut down cryptocurrency mining pools in specific areas.
The new law transfers mining registration authority from the Ministry of Digital Development to the Federal Tax Service, while also expanding federal law enforcement agencies' access to identify cryptocurrency addresses. Enterprises and individual business operators must register, whereas individual miners may continue operating without registration as long as they comply with electricity usage limits. Notably, Russia is actively advancing the development of its digital ruble and passed legislation in August allowing the use of cryptocurrencies in international trade to mitigate the impact of international sanctions.
