Russian President Vladimir Putin has officially signed a law legalizing cryptocurrency mining in Russia. According to a report According to the Russian news agency TASS, the law introduces several key concepts, including cryptocurrency mining, mining pools, and mining infrastructure operators. Now Russia recognizes mining activities as part of the business volume, not the issuance of cryptocurrency.
The new legislation stipulates that only Russian legal entities and individual entrepreneurs registered with the government will be allowed to engage in cryptocurrency mining. However, individual miners can participate without registration, provided that their energy consumption remains within the limits set by the government.
In addition, the law allows foreign digital financial assets to be traded on Russian blockchain platforms. However, the Bank of Russia retains the power to ban the placement of certain assets if they are deemed to pose a threat to the country’s financial stability.
According to TASS, President Putin stressed during a recent government meeting that Russia needs to “seize the opportunity” to create a legal framework for digital currencies. He highlighted the potential of digital currencies to contribute to Russia’s economic development, stressing the need for appropriate regulation and infrastructure.
The law is scheduled to enter into force ten days after its official publication, with the exception of some specific provisions that may have different implementation dates.