Vladimir Putin, the president of Russia, has signed legislation making cryptocurrency mining legal in the country. The law, according to the Russian News Agency (TASS), introduces new terms, such as address identifier, operator of mining infrastructure, mining pool, digital currency mining, and the person who plans activities for the mining pool. The mining process is acknowledged as a constituent of revenue, rather than the creation of virtual currency.
The only people who can mine will be individual entrepreneurs and Russian legal entities listed in a register. Digital currency mining will be permitted for those who do not surpass the energy consumption thresholds the Russian government sets, allowing them to mine cryptocurrency without being registered.
The document says that foreign digital financial assets can be traded on Russian blockchain platforms, but if the Bank of Russia finds that a particular issue poses a risk to Russia’s financial stability, it may prohibit its placement. Rather than issuing digital currency, mining is acknowledged as a turnover component.
Mining will only be permitted for Russian legal entities and individual business owners listed in a register. Cryptocurrency mining will remain unrestricted for individuals not registered in the register, provided they stay within the government of Russia’s energy consumption limits.
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