Russian President Vladimir Putin Approves Russian Cryptocurrency Mining Law

Author: Harold Source: coincu Translation: Shan Ouba, Golden Finance

Key points:

• Russia's cryptocurrency mining law has now been approved by President Vladimir Putin.

• Only registered entities and entrepreneurs can mine, while individuals within the energy range can mine without registration.

• The law will take effect ten days later and will be fully implemented on September 1.

Russian President Vladimir Putin has signed a law officially legalizing cryptocurrency mining in Russia.

Russia legalizes cryptocurrency mining

The law introduces key concepts of digital currency mining, mining pools and infrastructure operators. It clarifies that mining is part of turnover, not part of the issuance of digital currency.

According to the new law, only registered Russian legal entities and individual entrepreneurs can mine cryptocurrencies. However, individuals within the government-imposed energy consumption limits can mine without registration.

The Russian cryptocurrency mining law also allows the trading of foreign digital financial assets on Russian blockchain platforms. In addition, the Russian Central Bank is also given the power to restrict or completely ban the issuance of digital assets that may pose a threat to financial stability.

Putin recently pointed out the strategic significance of digital currency at an economic meeting, emphasizing that Russia must urgently develop a legal framework and infrastructure to support digital assets. The law will take effect ten days after its official publication, and some provisions will take effect later.

Russia's cryptocurrency mining law is about to take effect

The Russian State Duma passed the Russian cryptocurrency mining bill and related regulations last week, trying to ease cross-border payments using cryptocurrencies under the supervision of the central bank. This is part of a broader plan to test digital currencies under ongoing international sanctions and economic pressure related to Russia's conflict with Ukraine.

The chairman of the Duma's Financial Markets Committee, Anatoly Aksakov, said the new law should be enacted before September 1. Central banks will also gain the right to conduct cross-border settlements and transactions in private digital currencies, making Russia another giant in the world's digital economy and financial markets.