Moscow, August 8 – Russian President Vladimir Putin officially signs a new law that legalizes cryptocurrency mining in Russia. This legislation introduces several new concepts to the legal landscape, including digital currency mining, mining pools, mining infrastructure operators, and address identifiers. The law clarifies that mining is considered a part of financial turnover rather than the creation of digital currency.
Laws Regarding Cryptocurrency Mining In Russia
Under the new regulations, only Russian legal entities and registered individual entrepreneurs are permitted to engage in cryptocurrency mining. However, individual miners who stay within government-imposed energy consumption limits are exempt from registration requirements.
The law also states that foreign digital financial assets may be traded on Russian blockchain platforms. The Bank of Russia will have the authority to restrict the placement of specific digital assets if they pose a threat to the country’s financial stability.
Viewpoint Of President Putin
President Putin emphasized the importance of digital currencies and highlighted the need for Russia to establish a robust legal framework as soon as possible. This approach aims to capitalize on the economic potential of digital assets, with the government working to develop necessary infrastructure and regulatory conditions.
The new law regarding cryptocurrency mining will take effect ten days following its official publication unless specified otherwise for certain provisions.
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