Key takeaways
- The Russian Justice Ministry has proposed amendments to the Criminal Code introducing severe penalties for illegal cryptocurrency mining.
- Fines for illegal mining could reach up to 1.5 million rubles, and violators could be sentenced to two years of hard labor.
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The Russian Justice Ministry has proposed criminal penalties, including prison, for entities that mine cryptocurrencies without being registered with the government, according to a new report from Interfax.
Russia legalized regulated mining in November 2024 and miners must register with the Federal Tax Service. More than 1,000 minors have already registered.
Under the proposal, violations could result in fines of up to 1.5 million rubles or two years of compulsory labor, with sentences of up to five years in prison in cases of significant profits or involvement in organized crime.
These measures are part of the drafts published on the official portal of Russian legal and regulatory projects, aimed at regulating and controlling this booming sector.
