Russia Legalizes Bitcoin Mining and Cryptocurrency Payments, New Era Starts September 1

In line with our recent coverage, the Russian Finance Minister has announced that “qualified investors” will be allowed to trade cryptocurrency on the country's major exchanges.

The Russian State Duma has legalized Bitcoin mining and permitted the use of cryptocurrencies for international trade, as part of a bill that passed with a decisive vote tally of 404 in favor.

The bill was introduced by a group of deputies led by Anatoly Aksakov, Chairman of the Duma Committee on Financial Markets. It passed with no votes against or abstentions.

The legislation sets clear rules for Bitcoin mining to prevent fraud and reduce illegal mining and related crimes with extra controls. It also sets forth guidelines for individuals and businesses involved in digital currency mining.

According to local reports, the bill passed with a decisive vote tally of 404 in favor, representing 89.8% of the total votes. There were no votes against or abstentions.

This bill was introduced by a group of deputies led by Anatoly Aksakov, Chairman of the Duma Committee on Financial Markets. These standards will be established by the government and the Bank of Russia, while the Ministry of Digital Development will ensure compliance.

This legislation is expected to take effect on September 1, pending final approval from the federation.

In his tweet, Collin Brown, a blockchain researcher, views it as the start of a new crypto era. In his tweet, he states:

Russia’s Duma just approved a groundbreaking bill to legalize Bitcoin mining, XRP, and crypto payments! With strict regulations and energy limits, this move aims to curb illegal mining and attract investment.

??? Breaking: Russia’s Duma just approved a groundbreaking bill to legalize #Bitcoin mining & #XRP & crypto payments! ?? With strict regulations and energy limits, this move aims to curb illegal mining and attract investment. New crypto era starts September 1, 2024! ?? pic.twitter.com/ZYBlVOlN2V

— Collin Brown (@CollinBrownXRP) July 24, 2024

Earlier, CNF discussed that this step aims to bring miners out of regulatory ambiguity and provide them with legal recognition, impacting areas such as taxation and licensing. Miners are required to report the digital currency they mine and the transaction addresses to a designated government authority.

In case of criminal conduct, Rosfinmonitoring will maintain a list of suspicious cryptocurrency addresses to support anti-money laundering (AML) and counter-terrorism financing efforts.

As of now, the Bitcoin (BTC) market is valued at $64,168.51, with a decrease of 2.59% in the past day and 0.85% in the past week. See BTC price chart below.

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