Russian President Vladimir Putin has officially signed a law that legalizes cryptocurrency mining in Russia. According to a report by Russian news agency TASS, the law introduces several key concepts, including digital currency mining, mining pools, and mining infrastructure operators. Mining activities are now recognized by Russia as part of turnover rather than the issuance of digital currency.

The new legislation specifies that only Russian legal entities and individual entrepreneurs registered with the government will be allowed to engage in cryptocurrency mining. However, individual miners can participate without registration, provided their energy consumption remains within government-set limits.

Additionally, the law permits the trading of foreign digital financial assets on Russian blockchain platforms. However, the Bank of Russia retains the authority to ban the placement of certain assets if they are deemed a threat to the country’s financial stability.

According to TASS, during a recent government meeting, President Putin emphasized Russia needs “to seize the moment” in establishing a legal framework for digital currencies. He highlighted the potential of digital currencies to contribute to Russia’s economic development, stressing the need for proper regulation and infrastructure.

The law is set to take effect ten days after its official publication, except for specific provisions that may have different implementation dates.