Russian lawmakers have proposed changes to the current law “On Digital Financial Assets” in order to regulate crypto mining while banning the circulation of cryptocurrencies in the country. The legislation also prohibits the non-targeted advertising of crypto-related products and services.

Under the proposed provisions, crypto mining activities will be overseen by a special government-appointed body. The executive power will also determine the requirements for legal entities or individual entrepreneurs that want to get involved in the industry in coordination with the Central Bank of Russia.