Russia signs law legalising cryptomining

Moscow leans on digital assets as a way of avoiding sanctions

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Russian President Vladimir Putin has signed a new law officially legalizing cryptomining in Russia.

The law specifies that only Russian legal entities and individual entrepreneurs registered with the government may engage in mining. Mining without registration is only allowed if energy consumption is within certain limits.

The law further allows trading of foreign digital financial assets on Russian blockchain platforms. However, the Central Bank of Russia retains the right to ban trading in certain assets if they pose a threat to financial stability. Domestic use of crypto remains prohibited.

Furthermore, Russia is exploring the introduction of a digital version of the ruble. The central bank aims to begin a trial of this by July 2025.

Russia’s embrace of crypto is seen as a survival strategy, as Russia is still burdened by sanctions and crypto would allow it to trade with foreign countries.

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