Crypto Bans

Russia bans crypto mining in 10 regions from Jan 1, 2025 to Mar 15, 2031. Seasonal bans in other regions will run Nov 15-Mar 15 annually. Miners must register and report assets to tax service, with household mining limited to 6,000 kWh monthly. Key Takeaways:- Russia to ban crypto mining in 10 regions from 2025 to 2031.- Seasonal mining restrictions are planned for three additional regions.- Legal mining requires registration and has a 6,000 kWh monthly limit. According to a report from TASS, Russia is set to completely ban cryptocurrency mining in the country's 10 regions starting from January 1, 2025. The ban, going up until March 15, 2031, will affect Dagestan, Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, North Ossetia, Chechnya, Donetsk and Luhansk People's Republics, Zaporizhia, and Kherson. Additionally, the seasonal ban will be introduced within some areas of the Irkutsk Region, Buryatia, and Zabaikalsky Krai in case of increased energy consumption. The seasonal ban this year-2025 will be from 1 January to 15 March, while for the subsequent years, it shall start from 15 November to 15 March. The Russian government is flexible in adjusting the affected regions according to the government commission's decisions regarding electric power development. As per the TASS report, the ban's purpose is to balance energy consumption for industrial needs. The constraints address not only local shortages in electric supplies but also cross-regional distortions of price. Sergey Kolobanov with the Center for Strategic Research said, "The ban corresponds to cross-regional subsidies, in which producers and consumers balance a lack of cheaper electricity somewhere with regions receiving higher quotas.". Finally, in November, mining of cryptocurrencies became lawful in Russia, which provided that miners would report their crypto assets and wallet addresses to the Federal Tax Service, businesses and entrepreneurs are obliged to register, while simple miners can spend no more than 6,000 kWh of power per month. Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor.