Russia

Russian authorities in Dagestan intensify efforts to shut down illegal underground crypto mining farms

September 25, 2024 1 min read

The Republic of Dagestan in Russia has been combating illicit crypto mining, having uncovered multiple clandestine operations. Abdulmuslim Abdulmuslimov, the Prime Minister of Dagestan, has advocated for stricter restrictions due to the miners’ persistent advancement in concealment techniques. The prime minister disclosed the discovery of multiple unlicensed mining operations located in subterranean tunnels, rendering them more difficult to identify. A concealed farm in the Sergokalinsky district was revealed, containing more

Russia permits crypto for foreign trade, with regulations expected by November

September 14, 2024 1 min read

The Russian Central Bank and the Ministry of Finance are developing legislation that will govern cross-border crypto payments. The administration plans to finalize these regulations by the end of November. The crypto payment method will first be implemented under an experimental legal regime (EPR), with only a few players, such as credit institutions and banks. This stepwise strategy tries to reduce risks and set policies to keep the market safe

Russian parliament legalizes crypto for international trade and mining

July 25, 2024 1 min read

The Russian parliament has passed a law allowing the use of crypto for international trade and legalizing crypto mining to counteract the effects of Western sanctions and regulatory constraints on Russian banks. The move aims to improve cross-border transactions and bypass trade restrictions, mirroring Venezuela’s use of crypto to evade sanctions. The law introduces a regulatory framework for Digital Financial Assets (DFAs) and Central Bank Digital Currencies (CBDCs), giving the