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President Putin Enacts Law Legalizing Cryptocurrency Mining in Russia
In a significant development, President Vladimir Putin of Russia has enacted a law that officially legalizes cryptocurrency mining throughout the nation. This newly approved legislation, as reported by the Russian news outlet TASS, establishes essential regulatory parameters for the mining of digital currencies.
The law acknowledges cryptocurrency mining as a legitimate economic pursuit. It introduces key definitions, including those for digital currency mining, mining pools, and operators of mining infrastructure. A noteworthy aspect of this legislation is its reclassification of mining activities as part of economic turnover, rather than merely as the issuance of digital currencies, thereby aligning them more closely with conventional economic practices.
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Under the new law, only registered Russian legal entities and individual entrepreneurs are permitted to mine cryptocurrencies. However, individual miners can also engage in mining activities without prior registration, as long as their energy usage stays within state-imposed limits.
Another critical provision of the legislation allows for the trading of foreign digital financial assets on Russian blockchain platforms. Despite this progressive move, the law empowers the Central Bank of Russia to prohibit the trading of specific assets it considers a threat to the nation’s financial stability.
This law will take effect ten days following its official publication, although certain sections may be implemented on different schedules.
*This is not investment advice.*
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