According to TechFlow, on July 30, Russian News Agency reported that the Russian Duma passed the bill on cross-border payments of digital currencies and the bill on legalizing crypto mining. According to the new law, from September 1, 2024, Russia will allow cross-border settlement and transactions of digital currencies within the framework of the Experimental Legal System (EPR). In addition, cryptocurrency mining will be legalized in November, with relevant procedures and conditions stipulated.

According to the law, legal entities and individual entrepreneurs registered with the Ministry of Digital Development of the Russian Federation will be entitled to engage in crypto mining. The new bill also gives the Russian Central Bank the power to supervise EPR activities and requires timely notification of relevant departments when potential risks are discovered. This move marks Russia's further opening up and development in the field of digital currency.