MOSCOW: Russian President Vladimir Putin signed a law legalizing cryptocurrency mining in Russia. The signed law introduces new concepts,...
MOSCOW: Russian President Vladimir Putin signed a law legalizing cryptocurrency mining in Russia.
The signed law introduces new concepts, including digital currency mining, mining pool, mining infrastructure operator, address identifier, and the individual who organizes mining pool activities. Mining itself is recognized as a component of turnover, not the issuance of digital currency.
Only Russian legal entities and individual entrepreneurs included in a register will have the right to mine. Individuals who do not exceed the energy consumption limits set by the Russian government will have the right to mine digital currency without being included in the register.
According to the document, foreign digital financial assets can be traded on Russian blockchain platforms and the Bank of Russia will have the right to ban the placement of individual issues if it finds a threat to Russia’s financial stability.
Earlier, Putin discussed the introduction and use of digital currencies with the government at a meeting on economic issues. He noted that this is a promising economic area of and it is important for Russia "to seize the moment" to promptly create the legal framework and regulation, develop infrastructure and create conditions for the circulation of digital assets.
The law will enter into force ten days after the date of its official publication, except for the provisions for which a different date of entry into force is established.
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