Russia is set to legalize Bitcoin mining starting on November 1, 2024, following the passage of legislation signed by President Vladimir Putin. This new law will allow registered legal entities and individual entrepreneurs to mine cryptocurrencies, creating a regulated framework for the activity.
The regulation includes measures for energy consumption limits, particularly for small-scale miners who are not required to register as long as they stay within government-set thresholds​
Interfax​
This move is seen as part of Russia’s broader strategy to diversify its international trade options, especially after being excluded from the SWIFT financial system due to sanctions. By embracing cryptocurrency mining, Russia aims to reduce its reliance on traditional banking systems and the U.S. dollar. The newly legalized mining sector will be monitored by the Bank of Russia and other government bodies to ensure compliance and stability within the market​
Although the law allows for large-scale operations to register through an official database, it also restricts cryptocurrency advertising within Russia, reflecting the government’s cautious approach to promoting digital currencies domestically​
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