Russian president Vladimir Putin has given the green light to a new law aimed at reducing the country’s dependency on the U.S. dollar (USD) in global trade. The legislation, which will come into effect on Nov. 1, 2024, permits approved mining companies to register via a state-managed database to legally mine cryptocurrencies. In addition, individual crypto miners will have the option to mine without the need for official registration provided their energy consumption remains under a specified limit.

The oversight of the sector will be shared among various entities within the Russian government, including the Finance Ministry, the Bank of Russia and a select group of ministers. These authorities will work together to develop and implement more detailed regulations in the upcoming…

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