Cryptocurrency mining will be legalized in Russia starting in November 2024

The law sets out the procedure and conditions for conducting such activities. Russian legal entities and individual entrepreneurs included in the register of the Ministry of Digital Development of the Russian Federation will have the right to engage in mining. Russians who are not individual entrepreneurs will be able to mine digital currency without being included in the register if they do not exceed the energy consumption limits established by the Russian government. Legal entities and individual entrepreneurs will have the right to operate a mining infrastructure operator after being included in the register of such operators, which the Ministry of Digital Development will also maintain.

There will be no ban on organizing the circulation of digital currency in the territory of Russia as planned before. At the same time, a ban on advertising cryptocurrencies is introduced. This ban will come into effect immediately after the law comes into force. Legal entities and individual entrepreneurs are prohibited from combining digital currency mining with activity in the electric power industry.

The law obliges miners to provide information to the government-authorized body about the digital currency obtained as a result of mining and about the address identifiers, that is, a unique sequence of characters intended for recording transactions with it.

This body, in turn, will transfer this information to Rosfinmonitoring and the Bank of Russia. The authorized body will also have the right, in agreement with the Central Bank, to introduce a ban and (or) restrictions on transactions with digital currency to ensure the Russian Federation’s financial stability.