Russia launches crypto mining for global trade

Source: Brics Russia 2024.

This legislation, signed into law by President Putin in August this year, aims to formalise cryptocurrency use within regulated frameworks to enhance government oversight, especially regarding mining activities and is aimed at controlling and taxing the industry.

This move allows for registered entities, such as Russian businesses and certified entrepreneurs, to mine digital assets, while individuals may engage in small-scale mining within specific energy limits without formal registration.

The regulatory responsibilities will be shared by the Bank of Russia and the Ministry of Finance, overseeing compliance, financial stability, and security measures.

In addition to mining legalisation, the new framework introduces measures to restrict crypto advertising, emphasising consumer protection, and includes plans for future Russian-based crypto exchanges to facilitate trade with Brics nations.

The National Mining Registry’s oversight responsibilities, previously held by the Ministry of Digital Development, will now be transferred to the Federal Tax Service to ensure compliance with the updated regulations.