Russia’s Crypto Mining ‘Legalization’ Bills Could Be Approved ‘This Week’

Russia may potentially legalize industrial crypto mining by the end of the week, as reported by media outlets in the country. The State Duma has passed a third reading of a draft law that would require crypto miners to comply with anti-money laundering legislation. This law is expected to be ratified by the upper parliamentary house and signed into law by the President’s office. If passed, miners will be required to report suspicious crypto transactions to the nation’s anti-money laundering agency. In addition, the State Duma held the first reading of a “legalization” bill for crypto mining, which could legalize mining activities in Russia from September 1, 2024. According to lawmakers, the draft law is expected to be fully adopted before the end of the current parliamentary session. The legislation could potentially include regulations for crypto exchanges and Russian firms using crypto in cross-border trade. President Vladimir Putin has urged lawmakers to expedite crypto mining regulation, while various proposals have been suggested for private miners, ranging from banning non-industrial mining to allowing miners to operate from home under certain energy consumption limits. The legalization of industrial crypto mining is likely to be welcomed by miners, as it would provide them with official recognition and open the door for domestic investment in the sector.