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Russia approves law on legalizing cryptocurrency mining

Requirements for the activities of individuals and legal entities mining digital currency, including participants in mining pools, as well as for individuals organizing their activities, will be established by the Russian Government in coordination with the Bank of Russia

© Alexander Ryumin/TASS

MOSCOW, August 2. /TASS/. The Federation Council at a meeting approved a law legalizing cryptocurrency mining in Russia. The document was initiated by a group of deputies led by the Chairman of the State Duma Committee on Financial Markets Anatoly Aksakov.

The document was submitted to the lower house for consideration in November 2022 and in April 2024, its revised version was submitted to the State Duma.

Requirements for the activities of individuals and legal entities mining digital currency, including participants in mining pools, as well as for individuals organizing their activities, will be established by the Russian Government in coordination 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 a register will have the right to mine. Individuals who do not exceed the energy consumption limits set by the Russian government will have the right to mine digital currency without being included in the register.

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