Russia is taking strict measures against illegal crypto mining, promising to slap criminals with jail time for powering up those rogue rigs. It’s a gutsy move to drag the whole crypto scene into the light and dial back the massive energy suck that’s been plaguing the power grid.
Russia’s got its eyes wide open on those sneaky illegal crypto mining setups, especially the ones siphoning off electricity like thieves in the night. The government’s not messing around anymore, ramping up the raids and regulations to make sure every hash counts legally.
Moscow’s No-Nonsense Hunt for Illegal Crypto Mining Offenders
Straight from the top, Russia’s executive branch is gearing up to hit
illegal crypto mining with full-blown criminal liability, while doling out administrative slaps for the minor slip-ups.
Deputy Prime Minister Alexander Novak revealed plans for tougher penalties on shady lending ops too.
As RIA Novosti reported on Monday, Novak laid it out clear during a Council for Strategic Development meeting:
“We’re locking down digital currency circulation with real laws and administrative penalties for messing with mining rules, and straight-up criminal charges for illegal crypto mining”, he said.
He didn’t stop there, vowing to crank up the heat on folks peddling illegal consumer loans, potentially landing them behind bars.
This crackdown ties right into the Central Bank’s push to tie bank accounts to personal tax IDs, all to fuel the “Antidrop” platform set to launch in 2027.
Deputy Governor Olga Polyakova said those tax numbers are the key to sniffing out “droppers” and the unwitting money mules Russian fraudsters rope in to wash dirty cash through crypto flips and fake accounts.
Unfortunately sometimes though, even legit crypto traders who get caught in peer-to-peer deals will feel the pinch too, from ATM cash caps to frozen accounts on a whiff of suspicion. It’s a wild ride for anyone dipping toes into decentralized waters.
Russia’s All-Out War on Illegal Crypto Mining Further Heats Up
Back in 2024 Mining went from underground hustle to Russia’s first legit crypto gig, thanks to that landmark law letting companies, solo entrepreneurs, and everyday folks jump in.
Businesses and independents have to register with the Federal Tax Service, but regular Joes can mine away unregistered, as long as they keep power use under 6,000 kWh monthly.
Yet only about a third of mining outfits have bothered to sign up, per recent tallies. Both the registered pros and the fly-by-night illegal crypto mining crews are getting fingered for blackouts in hotspot regions, where farms guzzle juice like there’s no tomorrow.
Authorities have slapped bans in over a dozen spots, but Russians? They’re a stubborn bunch, keeping those rigs humming on pilfered power despite the heat.
Across the border, Iran’s dealing with its own headaches of illegal crypto mining.
It’s a global echo, showing how nations are syncing up to tame this energy-hungry beast before it bites back harder. Could Russia’s lead set the tone?
