Russia Proposes Criminal Charges for Illegal Cryptocurrency Mining

According to PANews, Russia's Federal Financial Monitoring Service is advocating for criminal charges against illegal cryptocurrency mining, citing its role in facilitating money laundering activities. German Neglyad, the agency's deputy director, announced that a draft law has been prepared in collaboration with the Ministry of Finance and the Central Bank, receiving support from policy-making bodies such as the Civic Chamber. Nikolai Zhuravlev, Deputy Chairman of the Federation Council, emphasized the need for legislation to be proactive in addressing vulnerabilities within the financial system. Osman Kabaloev, Deputy Director of the Financial Policy Department at the Ministry of Finance, confirmed that amendments are being drafted to introduce administrative penalties alongside criminal responsibility. This initiative aims to curb the exploitation of cheap electricity for illegal mining and the subsequent transfer of funds.