Putin Signs Law Legalizing Cryptocurrency Mining in Russia
Russian President Vladimir Putin has signed a law that officially legalizes cryptocurrency mining in the country. As reported by TASS, the Russian news agency, this new law introduces several key concepts related to digital currency, including mining, mining pools, and the operators of mining infrastructure.
The law now recognizes mining activities as part of the financial turnover in Russia, rather than equating them with the issuance of digital currency.
Under the new legislation, only Russian legal entities and individual entrepreneurs registered with the government are permitted to engage in cryptocurrency mining. However, individual miners can participate without formal registration as long as their energy consumption stays within the limits set by the government.
Furthermore, the law allows the trading of foreign digital financial assets on Russian blockchain platforms. Nevertheless, the Bank of Russia retains the right to ban the placement of specific assets if they are considered a threat to the nation’s financial stability.
During a recent government meeting, President Putin emphasized the importance of establishing a legal framework for digital currencies, stating that Russia should “seize the moment.” He pointed out the potential of digital currencies to drive economic development in Russia and underscored the necessity of proper regulation and infrastructure.
The law will come into effect ten days after its official publication, although certain provisions may have different implementation dates.