Putin signs law to legalise crypto mining in Russia

Moscow: Russian President Vladimir Putin has signed a law, officially legalising cryptocurrency mining in the country from November 2024, according to a document published on the government portal of legal information.

Under the new law, legal entities and individual entrepreneurs who are registered with the Russian Ministry of Digital Development will be allowed to engage in cryptocurrency mining. Unregistered individuals can also engage in mining only if their energy consumption doesn’t exceed the limits set by the Russian government, Xinhua news agency reported.

The law will also oblige miners to submit details about the digital currency they obtain to a government-authorised body. The authorised body, together with the Russian Central Bank, will have the right to impose bans or restrictions on digital currency transactions to maintain Russia’s financial stability.

In a meeting with government members in July, Russian President Vladimir Putin discussed the introduction and use of digital currencies. He said that this dynamic sector was becoming increasingly promising and already reshaping trade, banking and international payments.

“It is important for Russia not to miss the moment, set up the legal framework and regulation in a timely manner, develop infrastructure, and create conditions for the circulation of digital assets, both within the country and in relations with foreign partners,” Putin noted.