TechFlow reports that on August 8, according to TASS, Russian President Putin signed a law legalizing cryptocurrency mining in Russia. The new legislation introduces a series of new concepts, including cryptocurrency mining, mining pools, mining infrastructure operators, address identifiers, and individuals organizing mining pool activities. Mining is recognized as part of turnover rather than the issuance of digital currency.
Under the law, only registered Russian legal entities and individual entrepreneurs are permitted to conduct cryptocurrency mining. Additionally, individuals whose energy consumption does not exceed limits set by the Russian government may mine without registration. The law also allows foreign digital financial assets to be traded on blockchain platforms within Russia. The Central Bank of Russia retains the authority to ban the issuance of certain digital assets if it deems their issuance could threaten national financial stability.
Prior to the signing, Putin discussed the introduction and use of digital currencies with government officials at an economic meeting. He emphasized that digital currencies represent a promising area for the economy, and Russia must "seize the opportunity" by swiftly establishing a legal framework, regulatory measures, and infrastructure to create favorable conditions for the circulation of digital assets. The law will take effect ten days after its official publication, unless specific provisions stipulate otherwise.
