Russia targets unregistered crypto miners with new criminal penalties

Russia's New Regulation

Russia's Ministry of Justice has proposed new criminal penalties targeting illegal crypto mining. Officials indicate that a majority of miners have yet to register for taxes, prompting this action. Non-registered miners could face fines or imprisonment. This initiative marks a significant effort by the Russian government to control the cryptocurrency market and curb illegal activities, potentially affecting the entire industry.

Impact on the Market

Should these new regulations come into effect, the crackdown on non-registered miners could impact the supply of cryptocurrencies in the market. Additionally, legally operating miners may face increased operational costs due to the necessity of tax registration. Such changes in regulatory environments are crucial factors that will likely influence cryptocurrency price trends.