Breaking: Russian President Vladimir Putin Signs Bill To Legalize Crypto Mining
Highlights
- Russia has now legalized Bitcoin mining
- This has opened the room for a range of new products tied to the industry
- The crypto ecosystem keeps getting new growth updates around the world
After many years of deliberations and speculation, Russian President Vladimir Putin has officially signed a Bill to legalize crypto mining in the country. This new law is a historic one for the embattled country as it turned from a Bitcoin foe to a major adopter in the past 3 years.
Russia Bitcoin Mining To Fly Significantly
The commencement of the war between Russia and Ukraine changed many things for the former. The Western Sanctions on Russia has nearly crippled its economy, setting Bitcoin as an attractive alternative.
According to a report from Tass News Agency, the new law introduces new concepts to bolster the industry. These concepts includes “digital currency mining, mining pool, mining infrastructure operator, address identifier, and the individual who organizes mining pool activities.” As part of the legislation, the right to mine is reserved for only Russian legal entities and individual entrepreneurs that are included in a register.
There is an exception for individuals who do not exceed the energy consumption limit set by the Russian government. Those who fall into this category can also mine without featuring in the register. The document made it clear that foreign digital financial assets can now go on Russian blockchain platforms. At the same time, the Bank of Russia reserves the right to block any potential threat to the country’s financial stability.
With this law, crypto mining in Russia may now compete for Hashrate in established regions like the United States.
Russia Could Join Pursuit For Crypto ETFs
Noteworthy, with this recent Bitcoin mining move, Russia’s crypto landscape may expand to accommodate more digital asset products, maybe an Exchange Traded Fund. In the last few months following the United States Securities and Exchange Commission’s (SEC) approval of spot Bitcoin ETFs, other countries have launched the same or similar offering in their regions.
Brazil’s regulator approved the first Solana ETFs recently, causing the market value of the coin to skyrocket. This move puts Brazil ahead of the US where VanEck and 21Shares already filed to list Solana ETFs. The US SEC is yet to give any verdict on the applications from the two investment asset management firms.
Meanwhile, the odds of equally having a XRP ETF is rising, especially after Judge Analisa Torres’ verdict in the Ripple vs SEC case.
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