Russian President Vladimir Putin has signed a law officially legalizing cryptocurrency mining in Russia, according to a report by Russian state news agency TASS.

The law introduces new concepts including digital currency mining, mining pools, mining infrastructure operators, address identification, and individuals organizing mining pool activities, and cryptocurrency mining will be considered a trading activity or economic part of the act, rather than viewing it as a process of creating new money.

In addition, the law stipulates that only Russian legal entities and individual entrepreneurs listed in the register are entitled to mine, while individuals who do not exceed the energy consumption limit set by the Russian government are also entitled to mine digital currencies without the need for Registered.

The report stated that foreign digital financial assets can be traded on Russia’s blockchain platform, and the Russian Central Bank has the power to ban the listing of individually issued digital assets if it is found to threaten Russia’s financial stability.

Previously, Putin discussed the introduction and use of digital currencies with the government at a meeting on economic issues. He pointed out that this is a promising economic field and it is very important for Russia to seize this opportunity to quickly establish a legal framework and regulatory mechanisms, develop infrastructure and create conditions for the circulation of digital assets.

The law will take effect ten days after its official publication date, but there are different effective dates for certain provisions.

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