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Russia makes cryptocurrency mining lawful
(MENAFN) In a significant move for the cryptocurrency sector, Russian President Vladimir Putin has officially signed a law legalizing cryptocurrency mining within the country. The legislation, which was published on the official legal information portal on Thursday, introduces a structured regulatory framework for digital currency mining activities.
The new law outlines various key aspects related to cryptocurrency mining, including the definition of digital currency mining, mining pools, and mining infrastructure operators. It also establishes the rights and responsibilities of participants in the cryptocurrency mining market. Under the new legislation, cryptocurrency mining will now be classified as a business activity rather than merely the issuance of digital currency.
One of the notable provisions is that only Russian legal entities and registered individual entrepreneurs will be authorized to engage in cryptocurrency mining. However, individual miners are permitted to participate without formal registration, provided that their energy consumption stays within the limits set by the government.
Furthermore, the law allows for the trading of foreign digital financial assets on Russian blockchain platforms. Despite this, the Bank of Russia maintains the authority to prohibit the use of certain assets if they are perceived as a threat to the country’s financial stability.
The new regulations also include a ban on the advertising of cryptocurrencies and restrict their offering to an unlimited audience. Additionally, the law grants the government the power to impose restrictions on mining activities in specific regions or territories if necessary. Notably, the legislation does not include an initially proposed ban on the organization of digital currency circulation within Russia, signaling a more flexible approach to the country's cryptocurrency sector.
The new law outlines various key aspects related to cryptocurrency mining, including the definition of digital currency mining, mining pools, and mining infrastructure operators. It also establishes the rights and responsibilities of participants in the cryptocurrency mining market. Under the new legislation, cryptocurrency mining will now be classified as a business activity rather than merely the issuance of digital currency.
One of the notable provisions is that only Russian legal entities and registered individual entrepreneurs will be authorized to engage in cryptocurrency mining. However, individual miners are permitted to participate without formal registration, provided that their energy consumption stays within the limits set by the government.
Furthermore, the law allows for the trading of foreign digital financial assets on Russian blockchain platforms. Despite this, the Bank of Russia maintains the authority to prohibit the use of certain assets if they are perceived as a threat to the country’s financial stability.
The new regulations also include a ban on the advertising of cryptocurrencies and restrict their offering to an unlimited audience. Additionally, the law grants the government the power to impose restrictions on mining activities in specific regions or territories if necessary. Notably, the legislation does not include an initially proposed ban on the organization of digital currency circulation within Russia, signaling a more flexible approach to the country's cryptocurrency sector.
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