Russia’s new crypto crackdown: $128,000 fines proposed for illegal mining in banned regions
Russian lawmakers introduced a bill proposing fines for illegal cryptocurrency mining and permitting the confiscation of mining gear, targeting an industry known to put pressure on local power supplies. The draft arrives amid Russia’s push to tighten regional bans and pull more miners under official regulation. Mining was legalized in 2024 with a registry system, yet from January 2025, authorities rolled out broad restrictions across several regions, including outright bans until March 2031 in some areas and seasonal curbs in others.