Russia Moves to Criminalize Illegal Cryptocurrency Mining – Coincu

Russia’s anti-money laundering agency Rosfinmonitoring has proposed legislation to criminalize illegal cryptocurrency mining, gaining support from the Ministry of Finance, the Central Bank, and the Chamber of Commerce. Deputy Director German Neglyad stated the move targets criminal money laundering activities.

This development signals a tougher regulatory environment for cryptocurrencies in Russia. Companies and individuals involved in illegal mining could face criminal charges, affecting the country’s crypto operations.

Russia’s Tough Stance on Illegal Crypto Mining

Rosfinmonitoring’s plan to treat illegal crypto mining as a criminal offense involves legislative amendments in collaboration with the Ministry of Finance and the Central Bank. These bodies aim to prevent money laundering by illegal mining activities, as emphasized by Deputy Director German Neglyad. He has highlighted the need for stronger measures to combat financial crime through digital currencies. The proposed legislation signifies a stringent shift in Russia’s crypto regulation strategy. Courts will have wider latitude to impose penalties on illegal miners, aligning with Russia’s campaign to finalize tax rules for the sector. Nikolai Zhuravlev, Deputy Speaker of the Federation Council, supports staying “ahead of the curve.”

As of April 30, 2025, Bitcoin’s market cap stands at $1.88 trillion with a 63.52% dominance. The price has increased by 15.45% in the last 30 days, though it fell -9.22% over 90 days. This data from CoinMarketCap illustrates ongoing volatility as the Kremlin continues regulatory actions.

“We must take decisive action against illicit miners who are enabling the laundering of money for criminals.” – German Neglyad, Deputy Director of Rosfinmonitoring

Historical Context, Price Data, and Expert Analysis

Did you know? In January 2021, Russia introduced mandatory reporting for crypto transactions over 600,000 rubles. Non-compliance led to fines up to 2 million rubles and up to five years’ imprisonment, setting a precedent for current actions.

Coincu research analysts anticipate the potential for significant impacts on the legal and financial fabric of Russia’s crypto sector. Insights suggest a move towards stricter regulatory compliance across industries, as reflected in the evolving measures spurred by these proposals.

As of April 30, 2025, Bitcoin’s market cap stands at $1.88 trillion with a 63.52% dominance. The price has increased by 15.45% in the last 30 days, though it fell -9.22% over 90 days. This data from CoinMarketCap illustrates ongoing volatility as the Kremlin continues regulatory actions.