President Vladimir Putin has signed a groundbreaking law legalizing cryptocurrency mining in Russia, marking a significant step towards integrating digital assets into the country’s economy. The new legislation introduces terms such as crypto mining, mining pool, and mining infrastructure operator into the legal framework, setting the stage for a new era of digital currency in Russia.
Under the new law, only Russian legal entities and individual entrepreneurs listed in a specific registry will have the right to mine crypto. However, individuals who adhere to energy consumption limits set by the authorities can also engage in mining without registration. Additionally, the law allows for the trading of foreign digital financial assets on Russian blockchain platforms, with the Bank of Russia having the authority to prohibit certain assets if they pose a threat to financial stability.
President Putin has long recognized the economic potential of digital currencies and emphasized the need for Russia to establish a legal framework quickly to capitalize on this opportunity. The move to legalize crypto mining comes as part of a broader strategy to leverage digital assets for economic growth and innovation.
The new legislation is set to come into effect in November 2024, providing ample time for businesses and individuals to prepare for the changes ahead. This development follows recent plans by BRICS countries to establish a payment mechanism utilizing digital technologies and blockchain, further highlighting the growing importance of digital assets on the global stage.
Overall, Russia’s decision to legalize cryptocurrency mining signals a significant shift towards embracing the potential of digital currencies and blockchain technology. With the right regulatory measures in place, the country is poised to harness the benefits of digital assets for economic development and innovation in the years to come.
