Russian companies and entrepreneurs will have to register in an official registry to be able to conduct mining activities in the country.
According to the Russian news agency TASS, on August 8th, Russian President Vladimir Putin has reportedly signed a law that legalizes the mining of digital assets in Russia.
The law would introduce concepts such as the mining of digital currencies, mining pools, mining infrastructure operators, addresses, and the individuals managing the activities of mining pools.
Only Russian companies and individual entrepreneurs registered in the official operators’ registry will have the right to mine digital assets. Private individuals who do not exceed the energy consumption limits set by the Russian government will be able to mine without being registered.
The law would require miners to start paying taxes on their earnings. Additionally, miners would be forced to comply with anti-money laundering protocols. The Russian anti-money laundering agency will create a list of suspicious addresses associated with money laundering and terrorism financing.
The law is expected to come into force ten days after the date of its official publication.
