Finally, the Russian government officially provided a full regulatory framework and clarity for Bitcoin and crypto mining companies and individuals.
Russia is a significant jurisdiction for the crypto sector because many crypto mining companies operate there. The country’s cold climate and low electricity tariffs make it an attractive location for mining. However, a couple of years ago, the country introduced a new regulatory framework for cryptocurrency, which faced heavy criticism from crypto enthusiasts because the bill failed to address the regulation of the crypto mining sector
Latest reports from local media reports confirmed that the Russian President Vladimir Putin has signed a new bill that officially legalises cryptocurrency mining in the country. Under this law, mining is now considered part of the circulation of cryptocurrency, rather than its issuance.
This means that individuals can engage in mining without needing to register, as long as they do not exceed the energy consumption limits set by the government.
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President Putin highlighted the bright economic prospects of this field, emphasising that Russia must act quickly to establish a legal framework and regulations. He also stressed the importance of developing infrastructure and creating favourable conditions for the circulation of cryptocurrencies within the country.
This move is seen as a significant step for Russia in integrating digital assets into its economy and capitalising on the opportunities presented by the growing cryptocurrency market.
Central Bank of Russia vs Crypto
The Bank of Russia, the central bank of the country, is a strong hater of cryptocurrencies. In the past, the central bank never supported the adoption or regulation of the crypto sector. In late 2022, the Bank of Russia proposed a plan to impose a blanket ban on cryptocurrencies, similar to China’s blanket ban on the sector.
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Read also: Brazil Approves First Solana Spot ETF: A Major Milestone for Crypto Sector
Russian president Putin Greenlights Crypto Mining in Russia: New Law Unlocks Legal Path for Miners
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