MOSCOW, August 2 Senators on Friday approved a law that will allow cryptocurrency mining to be legalized in Russia from November 2024.
The document sets out the procedure and conditions for conducting such activities. Russian legal entities and individual entrepreneurs included in the register of the Ministry of Digital Development of the Russian Federation will have the right to engage in mining. 
Russians who are not individual entrepreneurs will be able to mine digital currency without being included in the register, if they do not exceed the energy consumption limits set by the Russian government. Legal entities and individual entrepreneurs will have the right to operate as mining infrastructure operators after being included in the register of such operators, which will also be maintained by the Ministry of Digital Development.
During the discussion of the second reading in the State Duma, deputies supported a number of amendments, including excluding from the document the ban on the organization of digital currency circulation in the territory of the Russian Federation. At the same time, a ban on advertising cryptocurrencies and offering them to an unlimited number of people is introduced. This ban will come into effect immediately after the law comes into force. 
Individual entrepreneurs who have an unexpunged or unexpunged conviction for crimes in the economic sphere, against state power, or for intentional crimes of medium gravity, serious and especially serious crimes; those included in the list of terrorists and extremists; as well as legal entities that have such persons among the founders (participants), beneficiaries and managers will not be able to engage in mining.
Legal entities and individual entrepreneurs are prohibited from combining digital currency mining with electricity transmission, operational dispatch control in the electric power industry, production or purchase and sale of electricity. According to the law, other requirements for miners' activities will be approved by the Russian government in agreement with the Bank of Russia. 
The document also obliges miners to provide information about the digital currency obtained as a result of mining, as well as about the address-identifiers, i.e. a unique sequence of symbols intended for recording transactions with it, to the government-authorized body.
This body, in turn, will transfer this information to Rosfinmonitoring and the Bank of Russia. Address-identifiers must also be provided upon request from Rosfinmonitoring, the FSB, the Federal Tax Service, and the Federal Property Management Agency.
The law, which contains other changes, must come into force 10 days after its official publication. At the same time, most mining regulations will come into force on November 1, 2024.
SurveyDo you have cryptocurrency?
Yes< span>5.7%I had it, but I sold it 2.7%I plan to purchase3.5%Not going to buy88.1%< span>VoteVoted:16741July 17, 16:16