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Russia today officially allows crypto mining to be done but it is only allowed to Russian companies or entities registered with the government. Private crypto miners are still allowed to perform their activities without being registered as long as the electricity consumption used does not exceed the limits that will be set.
Permits will also be granted to allow buying and selling of digital assets from abroad using the local blockchain. The Bank of Russia is given the power to ban any digital asset that it feels could threaten the country's financial stability.
This mining permission is in line with the views of President Vladimir Putin who wants Russia to take the opportunity to create a digital currency legal framework because it has the potential to contribute to the country's economic development.
Russia has previously been the target of crypto mining operations after China banned it in 2021. Low electricity costs and weak enforcement make Russia a haven for miners. However, it burdens the electricity supply infrastructure which is already quite outdated. In Malaysia, crypto mining is not illegal, but the case of electricity theft caused a loss of RM3.4 billion to Tenaga Nasional Berhad.