PANews reported on June 11 that according to Cryptonews, the Russian Ministry of Digital Development is drafting new regulations to combat illegal cryptocurrency mining. The draft stipulates that individuals who engage in illegal mining will face a fine of 100,000 to 200,000 rubles, and companies can be fined up to 2 million rubles, and the cryptocurrencies involved will be confiscated. The proposal is currently under cross-departmental review.

The new regulations explicitly prohibit the use of cryptocurrencies for payment and settlement, with a maximum fine of 1 million rubles for violators. Mining farm operators are required to report mining data and wallet addresses to the Financial Regulatory Authority. Russia's current policy allows home mining (with monthly electricity consumption not exceeding 6,000 kWh), but restrictions are imposed in 10 regions. The central bank said that confiscating crypto assets would be the most effective deterrent.