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Russian lawmakers adopt law on legalizing cryptocurrency mining

The requirements for the activities of individuals and legal entities engaged in digital currency mining will be established by the Russian government together with the Bank of Russia

© Alexander Ruymin/TASS

MOSCOW, July 30. /TASS/. The Russian State Duma has adopted in the second and third readings a law on legalization of cryptocurrency mining. The document was initiated by a group of deputies led by the Chairman of the State Duma Committee on Financial Market Anatoly Aksakov.

The document was submitted to the State Duma back in November 2022 and its revised version was submitted to the lower house of the Russian parliament in April 2024.

The requirements for the activities of individuals and legal entities engaged in digital currency mining will be established by the Russian government together with the Bank of Russia. The Ministry of Digital Development will monitor compliance with these requirements.

Only Russian legal entities and individual entrepreneurs included in the register will have the right to mine cryptocurrencies. Individuals who do not exceed the energy consumption limits set by the Russian government will receive the right to mine digital currencies without being included in the register.

In addition, a number of measures are envisaged to control the circulation of digital currency in order to rule out the possibility of its use for the legalization (laundering) of the proceeds of crime, terrorism funding or other crimes.

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