The State Duma passed both laws, which will become the basis for regulation of the cryptocurrency market

Russian legislation will establish the concepts of “mining”, “mining pool” and “organization of the circulation of digital currency” and define the rights and obligations of participants in the cryptocurrency mining market.

Only Russian legal entities and IEs included in a special register will be able to engage in mining.

Individuals will still be able to engage in mining if they do not exceed the energy consumption limit set by the government.

The law removed the ban on organizing the circulation of cryptocurrencies, which threatened to effectively stop the work of Russian crypto exchanges and exchangers.

At the same time, there will remain a ban on advertising cryptocurrency and various services based on its use.

The bill prescribes special powers for Rosfinmonitoring, which will keep a special list of wallets that can be used in illegal activities.

The government will have the ability to impose restrictions on mining in certain regions and territories.

From September 1, the Bank of Russia may start creating an experimental platform for the use of cryptocurrencies in international settlements and conduct exchange trading in cryptocurrency under experimental legal regimes (EPR).