Russian President Vladimir Putin has signed a law legalizing cryptocurrency mining. As a result, transactions including cryptocurrency mining are being recognized in the country. The country’s government published a document online last week. News RT
According to the news, the new law has given instructions on several issues including digital currency mining, mining pools and mining infrastructure operators. It defines the rights and responsibilities of those who participate in the crypto mining market.
According to the new law, cryptocurrency mining will now be recognized as a business use instead of digital currency issuance.
Only Russian legal entities and individual entrepreneurs registered with the government will be allowed to engage in cryptocurrency mining. Individual miners can participate without registration if they are within the limits set by the government.
Through this law, foreign holders of digital financial assets will be allowed to trade on Russian blockchain platforms. However, the Bank of Russia has the power to ban foreign digital assets if they are deemed a threat to the country’s financial stability.
The law prohibits advertising of cryptocurrencies and offers to buy multiple customers. Apart from this, there is a ban on mining in certain areas.
