Putin Approves Legislation Legalizing Bitcoin and Crypto Mining in Russia

Russian President Vladimir Putin has signed a new law legalizing Bitcoin and cryptocurrency mining in Russia, according to a report by Russian news agency TASS. 

The legislation defines terms such as digital currency mining, mining pools, and mining infrastructure operators. 

Mining activities are now classified as part of financial turnover, rather than the issuance of digital currency.

The law specifies that only Russian legal entities and individual entrepreneurs registered with the government are permitted to engage in Bitcoin and cryptocurrency mining. 

Individual miners can also participate without registration, provided their energy consumption remains within government-set limits.

Additionally, the law authorizes the trading of foreign digital financial assets on Russian blockchain platforms. 

However, the Bank of Russia retains the authority to prohibit certain assets if they are considered a threat to the country’s financial stability.

During a recent government meeting, President Putin emphasized the need to establish a legal framework for digital currencies. 

He noted the necessity of proper regulation and infrastructure.

The law is set to take effect ten days after its official publication, with certain provisions potentially having different implementation dates.