Russia's Anti-Money Laundering Agency Plans to Criminalize Illegal Crypto Mining

the Russian anti-money laundering agency, the Federal Financial Monitoring Service, plans to push for criminal liability for illegal cryptocurrency mining activities, accusing them of facilitating money laundering activities. German Neglyad, deputy head of the agency, revealed that they have jointly developed relevant legislation with the Ministry of Finance and the Central Bank, and have obtained support from policy-making institutions such as the Russian State Duma.

Nikolai Zhuravlev, Deputy Chairman of the Federal Council, emphasized that the legislation needs to "remain forward-looking to eliminate loopholes in the financial system." Osman Kabaloev, Deputy Director of the Financial Policy Department of the Ministry of Finance, confirmed that the amendment is being drafted, which will introduce administrative penalties in addition to criminal liability. This move aims to curb the use of cheap electricity for illegal mining and fund transfers.