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Russian President Vladimir Putin has signed a law legalizing cryptocurrency mining across the country. The new legislation, reported by Russian news agency TASS, introduces basic regulatory frameworks for the mining of digital currencies.
The law formally recognizes cryptocurrency mining as a legitimate economic activity. It introduces several important concepts, including digital currency mining, mining pools, and mining infrastructure operators. Notably, the legislation redefines mining activities as part of turnover rather than digital currency issuance, and more closely aligns them with traditional economic practices.
According to the new law, only Russian legal entities and individual entrepreneurs registered with the government are authorized to mine cryptocurrencies. However, individual miners are also allowed to participate without registration, provided that their energy consumption remains within the limits set by the state.
Another important aspect of the legislation is the permitting of trading of foreign digital financial assets on Russian blockchain platforms. Despite this liberalization, the law gives the Central Bank of Russia the authority to ban trading of certain assets deemed to threaten the country’s financial stability.
The law will come into force ten days after its official publication, although some provisions may be implemented on different timelines.
*This is not investment advice.