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Republic Of Abkhazia Introduces Regulations For Crypto Mining Activities.

In line with a recent report by native media outlet ‘Sputnik Abkhazia’, the Ministry of Economy of the Republic of Abkhazia has formed a law draft on the settlement of ‘cryptocurrency‘ mining activities within the country.

The press service of the Ministry said that the bill was approved and sent to the Cabinet Ministers of the republic. The proposed regulation defines legal, economic, structure, and technical rules for the implementation of mining crypto activities within the republic. 

To conduct crypto mining operations, one is likely to register as a legal entity or an entrepreneur, and registration with the revenue authorities as a tax-payer and thereby acquire a license for [mining] activities.

The report added that the new regulations can leave open the possibilities of introducing temporary restrictions on use of the republic’s power system for crypto mining within the event of crisis affairs within the energy grid, like infrastructure limitations or power shortages.

Earlier in December last year, the govt. of Abkhaz banned ‘crypto‘ mining on the country’s power system.

Also earlier in Jan., the ‘Abkhazian govt’. cut power to 15 facilities with a total capability of around 8,950 kWH [kilowatt-hours], that was supposedly alike to the electricity consumption of 1,800 households. The cuts were a part of a series of “temporary measures to limit the consumption of electricity by certain classes of subscribers.”

Earlier in June, the chairman of the Russian State Duma Committee on the Financial Market named ‘Anatoly Aksakov’, aforesaid that the govt. might ‘introduce‘ directorial responsibility for ‘crypto‘ mining by the end of this month.

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