Cryptocurrency mining legalised in Russia

Russian President Vladimir Putin has signed a law legalising cryptocurrency mining in Russia. According to the Russian News Agency (TASS), the law introduces new concepts, including digital currency mining, mining pool, mining infrastructure operator, address identifier, and the individual who organises mining pool activities.

Mining itself is recognised as a component of turnover, not the issuance of digital currency.

Only Russian legal entities and individual entrepreneurs included in a register will have the right to mine. Individuals who do not exceed the energy consumption limits set by the Russian government will have the right to mine digital currency without being included in the register.

As per the document, foreign digital financial assets can be traded on Russian blockchain platforms, with the Bank of Russia having the right to ban the placement of individual issues if it finds a threat to Russia’s financial stability.

WAM