Russian President Vladimir Putin has signed a new law that will give the government more control over cryptocurrency mining in the country. The law, which will go into effect on November 1, aims to regulate the growing industry and prevent illegal activities.
The move comes as Russia seeks to crack down on unregulated cryptocurrency mining operations, which have been known to consume large amounts of energy and evade taxes. The new law will require cryptocurrency miners to register with the government and adhere to strict regulations.
Putin’s government has been taking steps to tighten its grip on the cryptocurrency market in recent years, as the digital currency industry continues to grow in popularity. With the new law in place, Russia hopes to bring more transparency and accountability to the crypto mining sector.
Overall, the new law is expected to have a significant impact on crypto miners in Russia, as they will now have to operate within the confines of government regulations. Putin’s move is seen as a way to protect the country’s economy and prevent illegal activities in the cryptocurrency industry.