Putin signs bill legalizing cryptocurrency mining activities in Russia

According to TASS, Russian President Putin has signed a new law officially legalizing cryptocurrency mining activities, providing legal support for the development of the country's crypto economy.

New Law Incorporates Key Concepts

The law signed by Putin not only legalizes cryptocurrency mining but also incorporates a range of new concepts. These concepts include digital currency mining, mining pools, mining infrastructure operators, address identifiers, and individuals responsible for organizing mining activities. According to the law, mining is considered part of the circulation of digital currencies rather than the issuance of digital currencies.

Only Registered Entities and Individuals Allowed to Mine

According to the new law, only Russian legal entities and individual entrepreneurs registered in Russia are authorized to engage in cryptocurrency mining. As for ordinary individuals, as long as their energy consumption does not exceed the limits set by the Russian government, they can engage in digital currency mining activities without the need to be registered.

Regulation of Foreign Digital Asset Trading

The document also stipulates that foreign digital financial assets can be traded on Russian blockchain platforms. In addition, the Central Bank of Russia is empowered to prohibit the circulation of certain individual issuances on the Russian market if they are deemed to threaten Russia's financial stability.

Putin's Vision for Digital Currencies

Earlier, Putin discussed the introduction and use of digital currencies with government officials at an economic issues meeting. He emphasized that digital currencies are a highly promising economic sector, and Russia should "seize the moment" by quickly establishing legal frameworks and regulations, developing infrastructure, and creating conditions conducive to the circulation of digital assets.

Effective Date of the Law

This law will come into effect within ten days after its official publication, with the remaining provisions taking immediate effect unless otherwise specified.