Russia legalizes cryptocurrency mining

Russian President Vladimir Putin has signed a landmark law legalizing cryptocurrency mining in the country. The new legislation, published Thursday, officially recognizes cryptocurrency mining as part of economic turnover, rather than the issuance of digital currencies.

The law introduces key concepts such as digital currency mining, mining pools and mining infrastructure operators, and clarifies their rights and responsibilities. The law stipulates that only Russian legal entities and individual entrepreneurs registered with the government can engage in cryptocurrency mining. Individual miners can participate without registration if their energy consumption is within the limits set by the government.

The bill also allows the trading of foreign digital financial assets on Russian blockchain platforms, but the Russian central bank has the power to ban certain assets if they threaten financial stability. In addition, the bill prohibits the distribution of cryptocurrency advertisements and products to unlimited audiences and may prohibit mining in specific regions.

The new law will take effect ten days after its official publication, with some provisions having different implementation dates. On the same day, Putin also signed a law allowing experimental foreign trade settlements in cryptocurrencies, and Russian banks are expected to conduct the first cross-border crypto payments by the end of this year.