Russia’s crypto mining laws have filled the “regulatory vacuum,” but there is still a lot of legal uncertainty about many aspects of regulation.
Russian President Vladimir Putin has signed a set of laws providing a regulatory framework for cryptocurrency mining operations in Russia.
Although the legislation defines key legal concepts in crypto mining, industry experts caution that Russia has not fully “legalized” crypto mining. Instead, they see the measures as a framework establishing new controls and restrictions for the sector.
The first law, signed in August, described key industry terms like mining and mining pools and imposed registration and reporting requirements for mining businesses. The law also prohibits foreign entities from mining in Russia and allows the government to restrict mining in certain regions.
