Vladimir Putin, the President of Russia, has officially signed a law that legalizes crypto mining in Russia.
As reported recently, Russia’s State Duma, or the lower house of the parliament, green-flagged the aforementioned crypto-centric bill in July.
Russia’s state-run media agency TASS underlined that mining itself is recognized as a “component of turnover,” rather than the issuance of digital assets. The report further added,
“The signed law introduces new concepts, including digital currency mining, mining pool, mining infrastructure operator, address identifier, and the individual who organizes mining pool activities.”
Here, it is worth recalling that only registered Russian legal entities and individual entrepreneurs have the right to mine in Russia.
That being said, individuals who adhere to the consumption limits set by the Russian government will be allowed to mine digital currency without registration.
According to TASS,
“The law will enter into force ten days after the date of its official publication, except for the provisions for which a different date of entry into force is established.”
Furthermore, the agency brought to light that foreign digital financial assets can be traded on Russian blockchain platforms.
The Bank of Russia will have the “right to ban” or restrict crypto transactions if it syncs with the threat to financial stability.
Putin has also discussed the introduction and use of crypto assets during a recent meeting on economic issues. He reportedly highlighted that this is a “promising economic area.”
Furthermore, he believes that it is important for Russia "to seize the moment" to promptly work on the legal and regulatory aspects, develop infrastructure, and make the conditions favorable for the circulation of crypto.
Another bill — that bestowed the Bank of Russia with powers to allow authorized companies to engage in international settlements using crypto — was passed a few days back by parliament.
Anatoly Aksakov, the Head of the Duma asserted that Russia is taking a “historic decision” in the financial sphere.
