Putin Signs Law Legalizing Cryptocurrencies

Russian President Vladimir Putin has signed a new law about cryptocurrencies. This law, which was recently approved by parliament, regulates cryptocurrency trading and mining.

The law sets rules for how cryptocurrencies can be traded and mined. Russian companies and individual business owners listed in the Ministry of Digital Development's registry can mine cryptocurrencies. Regular Russian citizens can also mine cryptocurrencies without registering as long as they don't use more energy than the state allows.

People will be able to buy and sell cryptocurrencies on Russian blockchain platforms. Cryptocurrencies can also be used for international payments on a trial basis.

The law will become effective 10 days after it is officially published. Most rules about mining will start on November 1, 2024.