In a significant move, Russian President Vladimir Putin has officially signed a law that legalizes cryptocurrency mining in the country.
The new legislation, which will take effect ten days after its official publication, introduces a comprehensive legal framework for the previously unregulated cryptocurrency mining sector.
The law introduces several key concepts, including digital currency mining, mining pools, and mining infrastructure operators.
Importantly, mining activities are now recognized by Russia as part of economic turnover rather than the issuance of digital currency.
Under the new legislation, only Russian legal entities and individual entrepreneurs registered with the government will be permitted to engage in large-scale cryptocurrency mining.
However, individual miners can participate without registration, provided their energy consumption remains within government-set limits.
The law also allows for the 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 are deemed a threat to the country's financial stability.
During a recent government meeting, President Putin emphasized the need for Russia to "seize the moment" in establishing a legal framework for digital currencies.
He highlighted the potential of digital currencies to contribute to Russia's economic development, stressing the importance of proper regulation and infrastructure.
This move by the Russian government marks a significant shift in the country's approach to digital assets, recognizing the potential benefits of cryptocurrency mining while implementing a regulatory framework to ensure financial stability and control
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