According to the Russian news agency TASS, the law introduces key concepts such as digital currency mining, mining pools, and mining infrastructure operators.
Mining activities in Russia are now recognized as part of the digital currency turnover rather than as currency issuance.
The legislation specifies that only Russian legal entities and individual entrepreneurs registered with the government are permitted to engage in cryptocurrency mining.
However, individual miners can participate without registration as long as their energy consumption remains within government-set limits.
The law also allows the trading of foreign digital financial assets on Russian blockchain platforms, though the Bank of Russia retains the authority to ban certain assets if they are deemed a threat to the country’s financial stability.
During a recent government meeting, President Putin emphasized the importance of “seizing the moment” to establish a legal framework for digital currencies.
He underscored the potential of digital currencies to contribute to Russia’s economic development and stressed the need for proper regulation and infrastructure.
The law will take effect ten days after its official publication, except for specific provisions with different implementation dates.
