Thursday, August 8, 2024 - Russian President, Vladimir Putin has officially signed a law that legalizes cryptocurrency mining in Russia.
According to Russian news agency TASS, the law introduces
several key concepts, including digital currency mining, mining pools, and
mining infrastructure operators.
Mining activities are now recognized by Russia as part of
turnover rather than the issuance of digital currency.
The new legislation specifies that only Russian legal
entities and individual entrepreneurs registered with the government will be
allowed to engage in cryptocurrency mining. However, individual miners can
participate without registration, provided their energy consumption remains
within government-set limits.
Additionally, the law permits 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.
According to TASS, during a recent government meeting,
President Putin emphasized Russia needs "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 need for proper regulation and infrastructure.
The law is set to take effect ten days after its official
publication, except for specific provisions that may have different
implementation dates.
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