Russia's Upper House of Parliament Legalizes Cryptocurrency Mining

© Sputnik . Alexei Danichev / Go to the mediabankShelves with cryptocurrency mining farm
Shelves with cryptocurrency mining farm - Sputnik Africa, 1920, 02.08.2024
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MOSCOW (Sputnik) - The upper house of the Russian parliament voted on Friday to legalize cryptocurrency mining in Russia starting November 1, 2024.
The bill sets out conditions for cryptocurrency mining. Only Russian legal entities and individual entrepreneurs registered by the Digital Development Ministry will be allowed to "mine" digital coins above the energy consumption limit.
The senators voted in the second reading to lift a ban on the circulation of digital currencies in Russia and introduce a ban on crypto advertising. This ban will take effect as soon as the bill becomes law.
FILE - An advertisement for Bitcoin cryptocurrency is displayed on a street in Hong Kong, on Feb. 17, 2022. Bitcoin slumped to a two-year low, Wednesday, Nov. 9, and other digital assets sold off following the sudden collapse of crypto exchange FTX Trading, which has been forced to sell itself to larger rival Binance. - Sputnik Africa, 1920, 09.07.2024
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Individual entrepreneurs will be prohibited from "mining" cryptocurrencies if convicted for any of a range of financial crimes, felonies, terrorism, extremism, or crimes committed against the state.
Legal entities found to have ex-convicts among their founders, beneficiaries, or management will likewise be barred from mining.
The bill will oblige cryptocurrency miners to release their production data and share it with a designated agency, which will pass this information on to the Bank of Russia and the Federal Service for Financial Monitoring (Rosfinmonitoring).
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