In a significant move, Russian President Vladimir Putin has signed a law that officially legalizes cryptocurrency mining, marking a new chapter in the country's approach to digital currencies.
The law, set to take effect in November 2024, introduces a framework for mining activities while imposing new reporting and operational requirements.
Learn more about how this legislation will shape the future of cryptocurrency in Russia.
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Key Provisions of the New Cryptocurrency Mining Law
Russian President Vladimir Putin has signed a new law that legalizes cryptocurrency mining, including Bitcoin (BTC), according to reports from local media outlets such as TASS.
The law introduces new concepts related to cryptocurrency mining, such as "cryptocurrency mining, mining pools, mining infrastructure operators, address identifiers, and individuals organizing mining pool activities."
It is also reported that "mining itself is recognized as part of economic activity, not as the issuance of digital currency."
The right to mine cryptocurrency is granted exclusively to "Russian legal entities and individual entrepreneurs registered with the Ministry of Digital Development."
However, it is reported that individuals who are not registered can also mine cryptocurrency as long as they do not exceed the energy consumption limits set by the Russian government.
Law Implementation and Regulatory Oversight
This law is set to take effect on November 1, 2024. Over the coming months, more specific regulatory requirements are expected to be established.
The oversight of mining-related activities will be divided among several different agencies, including the Central Bank of Russia, the Ministry of Finance, and selected ministers within the Russian government.
Additionally, miners will be required to provide information about the cryptocurrencies they obtain through mining to government agencies. The new law also prohibits the promotion of cryptocurrencies and the unrestricted offering of cryptocurrencies to others.
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