Russia Introduces Strict Crackdown on Illegal Crypto Mining
Lawmakers in Russia's State Duma have proposed a bill that would impose heavy fines on individuals and businesses engaged in unauthorized cryptocurrency mining. The move aims to curb unregulated mining activities and protect the stability of the national power grid.
Significantly Increased Penalties
Under the proposed legislation, first-time offenders mining illegally could face fines ranging from 100,000 to 150,000 rubles for individuals, 300,000 to 800,000 rubles for officials, and 1 million to 2 million rubles for companies.
Repeat offenders would face even harsher penalties, with fines reaching up to 1.5 million rubles for individuals, 5 million rubles for officials, and as much as 10 million rubles for businesses.
Additional Regulatory Measures
The bill also targets those exceeding government-mandated electricity consumption limits or failing to register in the official mining registry. Entities providing services to unregistered miners could face fines of up to 5 million rubles.
Protecting the Power Grid and Energy Infrastructure
Lawmakers argue that the misuse of low-cost electricity for high-profit mining has already strained the energy system and poses a threat to grid stability. This legislative move is aimed at safeguarding the national energy infrastructure and promoting responsible energy use.