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The Russian State Duma has passed two significant bills in their third reading: "On Mining" and "On the Experimental Legal Regime" (ELR). The next step is the President’s signature and official publication, according to <a href="https://ultramining.com/" rel="noopener noreferrer nofollow">Ultramining</a>.
The "On Mining" bill introduces several key regulations:
1. Ban on Cryptocurrency Advertising: Advertising digital currencies is now prohibited.
2. Restricted Circulation: While a complete ban on cryptocurrency circulation was excluded, the bill still limits it to a predetermined group of individuals.
These restrictions primarily affect Bitcoin advertising and exchange services within <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/" rel="noopener noreferrer nofollow">Russia</a>. Notably, centralized cryptocurrencies like USDT are not subject to these bans according to the Central Bank of Russia.
Currently, there are no fines for violating these bans. Despite a 3.5-year-old ban on digital currency payments, no penalties have been established yet.
Other key provisions include:
3. Official Definition and Registration for Miners: Miners must register and provide mandatory reporting. The miner registry will begin on November 1, 2024.
4. Use of Digital Currency in Foreign Trade: An experimental phase will allow the use of digital currency in foreign trade contracts.
5. Bitcoin on Moscow Exchange: Bitcoin may be listed as a commodity on the Moscow Exchange as part of the experiment.
6. Anti-Money Laundering Compliance: Miners and participants in the experiment must comply with anti-money laundering laws.
Both bills will take effect on September 1, 2024. More detailed information on these changes will be published gradually.

Russia Passes New “On Mining” Bill, Introducing Regulations for Cryptocurrency Mining and Transactions

Ultramining_Eng

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