President Vladimir Putin of Russia has signed a law officially legalizing cryptocurrency mining in the country. As reported by the Russian news agency TASS, the law introduces important concepts such as digital currency mining, mining pools, and mining infrastructure operators. These mining activities are now considered as part of turnover rather than the issuance of digital currency.
The new law specifies that only Russian legal entities and individual entrepreneurs registered with the government can engage in cryptocurrency mining. However, unregistered individuals can also participate as long as their energy consumption stays within government-defined limits.
Furthermore, the legislation allows for the trading of foreign digital financial assets on Russian blockchain platforms. The Bank of Russia, however, has the power to prohibit the placement of certain assets that may pose a threat to the country’s financial stability.
President Putin emphasized the importance of establishing a legal framework for digital currencies in a recent government meeting, stating that Russia must act quickly to take advantage of the potential economic benefits. He stressed the need for appropriate regulation and infrastructure for digital currencies to thrive in the country.
The law will come into effect ten days after its official publication, with some specific provisions having different implementation dates.
