MOSCOW, Wednesday, August 7, 2024 – Russia on July 30 legalized cryptocurrency mining, marking a significant shift in its stance on digital assets.
The announcement of Duma can be seen here.
A new law, effective November 1, establishes a regulatory framework for mining operations.
Simultaneously, the country is launching an experimental legal regime to allow certain companies to conduct cross-border crypto settlements and exchange trading.
The Bank of Russia will oversee this pilot program, granting licenses to selected participants.
The dual approach aims to balance the potential benefits of cryptocurrencies with risk mitigation. While mining is now legal, restrictions on cryptocurrency advertising and public offerings remain in place.
Russia has adopted a dual approach to cryptocurrency. While legalizing mining operations and introducing an experimental regime for cross-border crypto transactions, the country maintains strict controls on domestic crypto trading and advertising. This approach reflects a balance between embracing potential economic benefits and mitigating associated risks.
