Two years after considering a ban on Bitcoin and BTC mining, Russia has shifted its stance by officially legalizing these activities.

On August 8, Russian President Vladimir Putin signed new laws that regulate digital asset mining and introduce a national register to oversee who is permitted to mine Bitcoin in Russia. Citizens with low-energy consumption mining rigs are exempt from certain restrictions.

Additionally, Russian blockchains will support trading foreign virtual currencies.

The central bank retains the authority to ban individual assets if financial stability is at risk. This move reflects a significant policy reversal, especially with Russia's plans to explore crypto-denominated cross-border payments.