Russian President signs law on cryptocurrency. (Source: Bloomberg)

This law has been published in the official gazette.

The law defines the concepts: "Mining", "mining" pool, and "mining" infrastructure operator (cryptocurrency).

According to the law, legal entities, as well as entrepreneurs, can engage in “mining” cryptocurrencies. Other citizens can also mine cryptocurrencies if they do not exceed the energy consumption limits set by the Russian government.

The requirements for the activities of individuals and legal entities engaged in cryptocurrency mining will be regulated by the Russian Government in agreement with the central bank. Among them, the Government may ban cryptocurrency mining in certain regions of Russia.

The Russian State Duma (lower house) approved the bill on July 30.

Operators of cryptocurrency mining infrastructure will be included in a special register managed by the Ministry of Digital Development of the Russian Federation.