Russia legislates to legalize mining! Putin: Digital currencies have future, legislation must be mad

According to the Russian state news agency TASS, Russian President Vladimir Putin has signed a law officially legalizing cryptocurrency mining in Russia.

This law introduces new concepts including digital currency mining, mining pools, mining infrastructure operators, address recognition, and individuals organizing mining pool activities, and cryptocurrency mining will be seen as a trading activity or part of economic behavior, rather than as a process of creating new currency.

In addition, the law stipulates that only registered Russian legal entities and individual entrepreneurs have the right to mine, and individuals who do not exceed the energy consumption limit set by the Russian government also have the right to mine digital currencies without registration.

The report states that foreign digital financial assets can be traded on Russia's blockchain platforms, and the Russian central bank has the authority to ban the listing of individual digital assets if it discovers a threat to Russia's financial stability.

Previously, Putin discussed the introduction and use of digital currencies with the government at an economic conference. He pointed out that this is a promising economic field, and it is very important for Russia to seize this opportunity to quickly establish legal frameworks and regulatory mechani**s, develop infrastructure, and create conditions for the circulation of digital assets.

The law will come into effect ten days after its official release, but for certain provisions, there may be different effective dates.