**Crypto News**
**Putin Approves Law Legalizing Cryptocurrency Mining in Russia**
In recent developments, Russian President Vladimir Putin has signed a law that officially legalizes cryptocurrency mining throughout the nation.
**Author:** Mete Demiralp
**Date:** 08.08.2024 – 21:27
**Update:** 31 mins ago
Russian President Vladimir Putin has enacted legislation that permits cryptocurrency mining within the country. This new law, reported by the Russian news agency TASS, establishes essential regulatory guidelines governing the mining of digital currencies.
The legislation acknowledges cryptocurrency mining as a valid economic pursuit, introducing significant concepts such as digital currency mining, mining pools, and operators of mining infrastructure. Importantly, the law reclassifies mining activities, categorizing them as part of economic turnover rather than as the creation of digital currencies, thereby aligning them more closely with conventional economic activities.
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Under the new statute, only legally registered Russian entities and individual entrepreneurs are permitted to engage in cryptocurrency mining. Nonetheless, individual miners can operate without formal registration, provided their energy usage remains within the limits established by the state.
A noteworthy provision of the legislation allows for the trading of foreign digital financial assets on Russian blockchain platforms. However, despite this move towards liberalization, the Central Bank of Russia retains the power to prohibit trading of specific assets that may pose risks to the country’s financial stability.
The law will take effect ten days following its official publication, although certain provisions may be rolled out on different schedules.
*This is not investment advice.*
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