Putin Officially Legalized Cryptocurrency Mining in Russia

Russian President Vladimir Putin has signed a law that legalizes cryptocurrency mining in Russia.

The new legislation introduces several key concepts, such as digital currency mining, mining pools, mining infrastructure operators, address identifiers, and the individuals who organize mining pool activities. Mining is now recognized as part of economic turnover rather than the issuance of digital currency.

Under the new law, only Russian legal entities and individual entrepreneurs listed in a specific register will be permitted to mine cryptocurrency. However, individuals who stay within government-set energy consumption limits can mine digital currencies without needing to be registered.

The law also allows for the trading of foreign digital financial assets on Russian blockchain platforms. Additionally, the Bank of Russia has the authority to prohibit the placement of certain digital asset issues if they are deemed to pose a risk to the country’s financial stability.

The law will come into effect ten days after its official publication, unless specified otherwise for certain provisions.