Russian President Putin has officially signed a law legalizing cryptocurrency mining in Russia. report According to Russian news agency TASS, the law introduces several key concepts, including digital currency mining, mining pools and mining infrastructure operators. Mining activity will now be recognized in Russia as part of turnover, rather than digital currency issuance.
The new law stipulates that only Russian legal entities and individual entrepreneurs registered with the government can engage in cryptocurrency mining, although individual miners can participate without registering as long as their energy consumption stays within government-set limits.
Additionally, the law allows the trading of foreign digital financial assets on Russian blockchain platforms, but the Central Bank of Russia retains the power to ban the placement of certain assets it deems a threat to the country’s financial stability.
According to TASS, President Putin stressed at a recent government meeting that Russia needs to “seize the opportunity” to establish a legal framework for digital currencies. He highlighted the potential of digital currencies to contribute to Russia’s economic development and stressed the need for proper regulation and infrastructure.
The Act is scheduled to take effect 10 days after official publication, except for certain provisions which may have different effective dates.
