CandleFocus Russia Publishes New Crypto Law Expanding State Control Over Digital Assets
2024-10-27
Author: Content Editor
Russia has passed a new crypto law that gives the government increased control over the cryptocurrency industry. The law allows for regional restrictions on crypto mining, tighter regulations on infrastructure, and enhanced transaction monitoring. It also grants multiple federal agencies access to digital currency identifier addresses. The responsibility for the national mining register has been transferred to the Federal Tax Service, and businesses and individual entrepreneurs must comply with new registration requirements. Additionally, Russia is working on developing its own state-backed digital currency, the digital ruble, as it aims to reduce reliance on the US dollar and bypass sanctions.
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