Russian President endorses law legalizes cryptocurrency mining
Date
8/11/2024 4:19:24 AM
(MENAFN) On Thursday, Russian President Vladimir Putin officially endorsed a new law that legalizes cryptocurrency mining within the country. This legislative move, which will come into effect ten days following its publication on the government website, establishes a regulatory framework for the mining of digital currencies. Under this new law, only legal entities and individual entrepreneurs who are registered in a designated inventory will be permitted to engage in cryptocurrency mining. This process is essential for generating new coins and verifying transactions within the cryptocurrency network.
In addition to the regulatory framework for registered entities, the law stipulates that individuals who adhere to the government-set energy consumption limits will also be allowed to mine cryptocurrencies without needing to be listed in the special inventory. This provision aims to accommodate smaller-scale miners who operate within the specified energy usage boundaries, thereby promoting broader participation in the digital currency ecosystem.
To address concerns about the potential misuse of cryptocurrencies for illegal activities, the law includes several measures designed to prevent money laundering. These safeguards are intended to ensure that the use of digital currencies does not facilitate illicit financial operations, reinforcing the government's commitment to maintaining financial security and regulatory compliance.
In addition to the cryptocurrency mining legislation, President Putin signed several other bills into law. These include a prohibition on drug advertisements across the internet and media platforms, as well as a measure that authorizes the designation of organizations with foreign government agency founders as undesirable entities in Russia. These new laws reflect a broader legislative agenda aimed at addressing various societal and security concerns within the country.
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