Author: Sahil Thakur
Written On: Thu, 01 Aug 2024 04:48:58 GMT
Russia’s State Duma has passed two major crypto-related laws. The first law, starting on November 1, 2024, legalizes cryptocurrency mining in Russia. It allows only registered legal entities and individual entrepreneurs with the Ministry of Digital Development to engage in mining. Unregistered individuals can operate mining rigs, but only within specific energy consumption limits. Oversight will involve various institutions, with the Bank of Russia holding significant regulatory power.
The second law, effective September 1, 2024, creates a special experimental regime. This regime allows the Bank of Russia to authorize companies to conduct cross-border settlements and exchange trading in digital currencies. Companies, exchanges, and crypto entities must apply to the central bank to participate. Anti Danilevski, CEO of Kick Ecosystem, explained that the Bank of Russia will carry out experiments related to using cryptocurrency for foreign trade, exchange trading, and creating an electronic platform for crypto operations based on the National Payment System (NPS).
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