Russia Approves the Legalization of Cryptocurrency Mining
Russia has officially legalized cryptocurrency mining following the signing of a new law regulating the industry by President Vladimir Putin. For more details, visit RT.com and read the full article.
TroibNews 
President Vladimir Putin of Russia has enacted a new law that legalizes cryptocurrency mining in the country. The relevant document was released on the official legal information portal on Thursday.
The legislation introduces several key concepts, such as digital currency mining, mining pools, and mining infrastructure operators, and outlines the rights and responsibilities of participants in the crypto mining market.
Cryptocurrency mining will now be recognized as part of the turnover rather than the issuance of digital currency.
According to the new law, only Russian legal entities and individual entrepreneurs registered with the government are permitted to engage in cryptocurrency mining. Individual miners can participate without registration, provided they adhere to government-set energy consumption limits.
The law also allows trading of foreign digital financial assets on Russian blockchain platforms. However, the Bank of Russia retains the authority to ban the placement of certain assets if they pose a threat to the country’s financial stability.
The legislation further includes a ban on advertising cryptocurrencies and on offering them to an unlimited audience. It also provides for the possibility of banning mining in certain regions. An initial proposal to ban the organization of digital currency circulation in Russia was not included in the final law.
The new regulations will take effect ten days after their official publication, except for certain provisions that may have different implementation dates.
At a government meeting on economic issues on July 17, Putin highlighted the importance of regulating cryptocurrencies and digital assets, calling it a promising economic area. He emphasized the need for Russia “to seize the moment” to promptly develop a legal framework and regulation, create infrastructure, and foster conditions for the circulation of digital assets both domestically and in international relations.
Additionally, on Thursday, Putin signed a law allowing experimental foreign-trade settlements in cryptocurrency. Bank of Russia chief Elvira Nabiullina indicated that the regulator aims to conduct the first cross-border crypto payments by the end of the current year.
Sophie Wagner contributed to this report for TROIB News
The legislation introduces several key concepts, such as digital currency mining, mining pools, and mining infrastructure operators, and outlines the rights and responsibilities of participants in the crypto mining market.
Cryptocurrency mining will now be recognized as part of the turnover rather than the issuance of digital currency.
According to the new law, only Russian legal entities and individual entrepreneurs registered with the government are permitted to engage in cryptocurrency mining. Individual miners can participate without registration, provided they adhere to government-set energy consumption limits.
The law also allows trading of foreign digital financial assets on Russian blockchain platforms. However, the Bank of Russia retains the authority to ban the placement of certain assets if they pose a threat to the country’s financial stability.
The legislation further includes a ban on advertising cryptocurrencies and on offering them to an unlimited audience. It also provides for the possibility of banning mining in certain regions. An initial proposal to ban the organization of digital currency circulation in Russia was not included in the final law.
The new regulations will take effect ten days after their official publication, except for certain provisions that may have different implementation dates.
At a government meeting on economic issues on July 17, Putin highlighted the importance of regulating cryptocurrencies and digital assets, calling it a promising economic area. He emphasized the need for Russia “to seize the moment” to promptly develop a legal framework and regulation, create infrastructure, and foster conditions for the circulation of digital assets both domestically and in international relations.
Additionally, on Thursday, Putin signed a law allowing experimental foreign-trade settlements in cryptocurrency. Bank of Russia chief Elvira Nabiullina indicated that the regulator aims to conduct the first cross-border crypto payments by the end of the current year.
Sophie Wagner contributed to this report for TROIB News
