The new rule, signed by Russian President Vladimir Putin, makes cryptocurrency mining legal in Russia. It will start to apply in November 2024. This new law is meant to help Russia’s economy become less reliant on the US dollar while international sanctions are still in place.
Licensed mining organizations will be able to properly do business by putting their information into a state database. Additionally, individual miners can take part without officially registering, as long as they don’t use more energy than what the government allows.
The Bank of Russia, the Ministry of Finance, and a special cabinet of officials will be in charge of regulating the mining industry. Over the next few months, they will be making specific rules for how to do this. The new law also says that broad promotion of cryptocurrencies is illegal in Russia.
Putin has stressed the importance of having clear laws that support digital currencies, which he sees as very important for Russia’s economic growth and trade with other countries. The law also says that miners must report their digital assets to a government-approved body. This body, along with the Bank of Russia, can put limits on activities to keep the economy stable.
