Russian Senate Green-lights Crypto Mining Law – But Is There a Twist for BTC Miners?
The Russian Senate has approved a draft law on crypto mining, meaning the landmark bill will now pass into law, pending the signature of President Vladimir Putin.
However, while some Russian Bitcoin (BTC) miners have welcomed the news, others are unsure about the development.
Per Vedomosti, the Federation Council approved the mining law, as well as another bill on “experimental foreign trade settlements” in cryptocurrency.
The mining law will allow both “legal entities” (industrial mining firms) and “sole proprietors” (individual miners) to mine crypto, provided they sign up for a national register.
Russia looks to bypass sanctions with new law allowing crypto payments in international trade. #crypto #sanctions #russiahttps://t.co/jtknNjT9iD
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News of the law will come as a huge relief to small-scale home-based miners. Individuals will be allowed to mine tokens provided they stay “within energy consumption limits set by the government.”
The bill also gives the government the right to impose bans on mining in “certain energy-deficient regions.”
Politicians expect Putin to sign off on the laws, bundled into a package of hundreds of other legal changes, early this week.
The media outlet and others noted that the law should “enter into force on September 1, 2024.”
Miners have been pleading with Moscow to legalize their industry for several years. But a political impasse has left them in a state of legal limbo.
However, intensive lobbying earlier this year and power shortages in certain Russian Bitcoin mining hotspots appear to have finally broken the deadlock.
Putin last month announced the “urgent need” for legislative regulation of cryptocurrency mining.
The Russian President noted that
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