Putin Legalizes Cryptocurrency Mining in Russia Starting November 1, 2024

Aug 8, 2024, 02:35 PM

Russian President Vladimir Putin has signed a law legalizing cryptocurrency mining in Russia, marking a significant shift in the country's approach to digital currencies. The law, effective from November 1, 2024, allows individuals and entities to mine cryptocurrencies if they are registered. However, regions in Russia may impose bans on mining due to energy concerns. The legislation also specifies that mining is considered part of the circulation rather than the issuance of cryptocurrency. Individuals who do not exceed the government-set energy consumption limits can mine without registration. Additionally, the law addresses crossborder settlements and exchange trading in digital currency.