Russian President Vladimir Putin has officially enacted the new law legalizing mining, effective no later than Nov 1, 2024
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Russian President Vladimir Putin has officially enacted the new law legalizing cryptocurrency mining, effective no later than November 1, 2024.
The legislation recognizes key terms such as “cryptocurrency mining,” “mining infrastructure operator,” and “mining pools.” Under this law, mining is classified as part of a digital currency’s turnover, not its issuance, which remains illegal in Russia.
The new framework permits cryptocurrency mining for registered business entities and individual entrepreneurs with the Ministry of Digital Development, Communications, and Mass Media. These entities must provide wallet addresses for anti-money laundering and counter-terrorism checks. Private individuals mining within government-imposed energy limits will not need to register.
Further regulations for miners and mining pools will be established by the Russian government in collaboration with the Bank of Russia. Authorities retain the power to ban mining in specific regions. Non-compliance, including unregistered mining, may result in power reductions or disconnection without compensation for consumed energy.
Previously, Anton Gorelkin, a co-author of the bill, stated, “We view cryptocurrencies as a tool for circumventing sanctions and as a point of high-tech exports. Today, Russia ranks second in mining, and I am confident that once regulation in this area is established, we will take first place, surpassing the USA.”
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