The State Duma, the lower house of Russia's Federal Assembly, yesterday passed two laws related to cryptocurrencies.
One of the laws legalizes cryptocurrency mining in Russia as of November 1, 2024.
Registered legal entities and individual entrepreneurs under the Ministry of Digital Development will be able to engage in mining, while unregistered individuals will only be able to operate mining equipment if they respect energy consumption limits.
The Bank of Russia will have supervisory authority over mining activities, while the Cabinet of Ministers will set requirements for mining infrastructure operators and the government will approve other requirements in collaboration with the central bank.
To maintain monetary stability, the government-authorized agency and the central bank may impose prohibitions or restrictions on digital currency transactions.
In addition, the law prohibits advertising cryptocurrencies and offering them to the public.