Russian President Vladimir Putin has signed a law establishing legal rules for digital currencies, digital rights, foreign digital financial instruments and mining activity. The law takes effect on September 1.
The law creates special operators to organize cryptocurrency circulation, who must meet requirements set by legislation and the Bank of Russia. Cryptocurrency still cannot be used to pay for goods, works or services in Russia, except in specific cases such as certain foreign trade settlements and mining-related operations.
New rules for miners and advertising
The law bans advertising cryptocurrency as a means of payment. Companies and individual entrepreneurs will only be allowed to mine after being added to a special state registry, though individuals do not need to register as long as their electricity use stays under limits the government will set.
The registration exemption does not apply to people with unexpunged criminal convictions for certain offenses, or to individuals and organizations linked to extremist or terrorist activity.
