Russian President Vladimir Putin has signed a landmark law legalizing cryptocurrency mining in the country. The new legislation, published on Thursday, officially recognizes cryptocurrency mining as part of economic turnover rather than as the issuance of digital currency.
The law introduces key concepts such as digital currency mining, mining pools, and mining infrastructure operators, defining their rights and responsibilities. It stipulates that only Russian legal entities and individual entrepreneurs registered with the government may engage in cryptocurrency mining. Individual miners can participate without registration if their energy consumption stays within government-set limits.
The legislation also allows for the trading of foreign digital financial assets on Russian blockchain platforms, though the Bank of Russia retains the authority to ban certain assets if they threaten financial stability. Additionally, the law prohibits cryptocurrency advertising and offerings to unlimited audiences, and provides for the potential banning of mining in specific regions.
The new law will take effect ten days after its official publication, with some provisions having different implementation dates. On the same day, Putin also signed a law allowing experimental foreign-trade settlements in cryptocurrency, with the Bank of Russia expected to conduct the first cross-border crypto payments by the end of the year.
