Russian President Vladimir Putin has enacted legislation to formally legalize cryptocurrency mining in Russia, effective from November 2024. This development was confirmed through a document released on the government’s legal information portal.
The new law permits registered legal entities and individual entrepreneurs, who have obtained approval from the Russian Ministry of Digital Development, to participate in cryptocurrency mining. For unregistered individuals, mining is permissible only if their energy usage stays within limits defined by the Russian government, as reported by Xinhua News Agency.
Additionally, the legislation mandates that miners disclose information about the digital currencies they generate to a designated government authority. This authority, in collaboration with the Russian Central Bank, will have the power to enforce restrictions or bans on digital currency transactions to safeguard the country’s financial stability.
During a July meeting with government officials, President Putin highlighted the growing importance of digital currencies, noting their potential to revolutionize trade, banking, and international payments. He emphasized the need for Russia to act promptly in establishing a legal framework, developing infrastructure, and fostering an environment conducive to the use and circulation of digital assets, both domestically and in international dealings.
