Russian Federation Council passes cryptocurrency mining law from November
(MENAFN) The Russian Federation Council has passed a significant new law aimed at regulating cryptocurrency mining within the country, with the legislation set to come into effect in November. This new law will permit legal entities and individual entrepreneurs who are registered with the Russian Ministry of Digital Development to engage in cryptocurrency mining activities. This legislative move follows the Russian Duma's recent approval of the draft law on cryptocurrency mining, which passed its second and third readings, signaling a clear commitment to the regulation of digital currency practices.
In tandem with this new law, Russia is intensifying its efforts to build the necessary infrastructure to support cryptocurrency mining operations. This includes the development of platforms and tools designed for the effective use of digital currencies, which is a crucial component of the country's broader strategy to integrate digital currencies into its national economy. These steps reflect a concerted push to harness the potential of digital currencies as part of Russia's economic framework.
Furthermore, last July, Russian President Vladimir Putin endorsed a landmark law to initiate the digital ruble and establish an electronic platform for Russia's digital currency. This move represents a pivotal advancement towards the nation's digital financial future and highlights Russia's ongoing commitment to advancing and regulating the cryptocurrency sector. The passage of this legislation illustrates the country’s strategic approach to adapting to and integrating new financial technologies.
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