Global #Russia

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.

In a recent crackdown, Moscow police have dismantled a suspected “cross-border” cryptocurrency exchange that they believe facilitated illegal money transfers for Russian clients.

In a significant development for the cryptocurrency landscape in Russia, Anatoly Aksakov, Chairman of the Russian State Duma Committee on Financial Markets, has announced that the country will implement regulations governing cryptocurrency trading by November.