Global #Russia

On October 30, Evgeny Grabchak, Russia’s Deputy Energy Minister, announced that the country will soon impose restrictions on cryptocurrency mining in regions facing critical electricity shortages.

Russia is set to tighten its grip on crypto exchanges as regulators seek to bring the industry under stricter control. The Financial Action Task Force (FATF) compliance is a key driver behind these regulatory efforts.

The Russian Energy Ministry is seeking greater authority to manage the burgeoning cryptocurrency mining sector, specifically aiming to disconnect miners from energy grids as they ramp up operations.

In a significant move to curb illegal cryptocurrency activities, Russian authorities have reportedly launched a crackdown on unauthorized crypto exchanges, conducting extensive raids in Saint Petersburg and surrounding areas.

The Bank of Russia (CBR) is embarking on a significant initiative to monitor all cross-border cryptocurrency transactions conducted by its citizens over the next six months.

In response to severe electricity shortages, authorities in Dagestan, a republic in Russia, are ramping up efforts to shut down illegal underground crypto mining farms. Local officials blame these operations for significant power theft and frequent outages that have affected residents.