Key Takeaways:
- Regulated Mining: Only registered Russian entities can mine cryptocurrency.
- Energy Ban: Energy companies can't participate in mining.
- Controlled Trading: Foreign digital asset trading is allowed with strict monitoring.
YEREVAN (CoinChapter.com) — Russian President Vladimir Putin signed a law legalizing crypto mining in Russia, with the new rules taking effect on Nov. 1, 2024.
Russia Sets Rules for Crypto Mining and Asset Trading
The law clearly defines key terms such as crypto mining, mining pools, and cryptocurrency mining infrastructure operators. It now recognizes mining as part of currency turnover. Only Russian legal entities and registered individual entrepreneurs can legally mine cryptocurrencies.
Individual crypto mining operators can mine without registration if their energy use stays below government-set limits, allowing smaller miners to participate.
The law allows the trading of foreign digital financial assets on Russian blockchain platforms. However, the Bank of Russia can ban specific assets if they pose a risk to the country’s financial stability.
This allows trading but is under close monitoring to safeguard the economy.
Putin Calls for Swift Crypto Regulation to Boost Russia’s Economy
The law prohibits companies involved in electricity transmission or management from engaging in cryptocurrency mining to prevent conflicts of interest and ensure proper use of energy resources.
Public promotion and advertising of cryptocurrencies are also banned. Despite allowing the circulation of mined cryptocurrency, the law restricts how these assets can be promoted in Russia.
During a government meeting, President Putin emphasized the importance of creating a legal framework for digital currencies. He noted that digital currencies could contribute to Russia’s economic development.
“It is important for Russia to seize the moment,”
Putin said, emphasizing the need for quick regulation and infrastructure.
