Russia is drafting new regulations on crypto mining to combat illegal activities.

On June 11, the Russian Ministry of Digital Development proposed new regulations aimed at combating illegal crypto mining, with fines ranging from 100,000 to 2 million rubles for violations. The related cryptocurrencies will be confiscated, demonstrating the government's determination in enforcing the law.

Farm operators must report data and wallet addresses to the authorities, while the ban on using cryptocurrency for payments will incur slashing of up to 1 million rubles. Minister Maksut Shadayev stated that these regulations aim to improve management efficiency. The Central Bank of Russia also supports this proposal, emphasizing that asset confiscation will have a deterrent effect. The response from the public and the cryptocurrency community in Russia is quite mixed.

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