The past year, 2024, was a landmark year for the Russian cryptocurrency and mining market. Experts believe that the year can be divided into two parts: before and after the adoption of a new package of laws regulating this area. We will tell you more.
In the first half of 2024, the legal framework for a bill authorizing mining was actively discussed. Later, it was adopted and signed. In addition, an experimental legal regime (EPR) for cross-border settlements in cryptocurrency appeared in the country.
Miners in Russia can now legally mine digital currencies. However, not throughout the country. In some regions, temporary bans on mining have been introduced due to the risk of electricity shortages.
Last year, participants in foreign economic activity were able to test settlements in cryptocurrency with foreign partners under the control of the Bank of Russia. However, the use of cryptocurrencies within the country remains prohibited.
This year, fateful regulation has been adopted, which has already set the industry in motion. It will cause further transformation and institutionalization of the mining and cryptocurrency industry as a whole.
Note that from 2025, Russian miners will be able to legally pay taxes on profits from the cryptocurrency produced, as well as put cryptocurrency on the balance sheet and sell it for fiat funds. Fiat funds are money that has legal status and serves as an official means of exchange in the country, but is not secured by any material asset, such as gold or silver.
Kirill Antonov, Business Development Director at Web3 Tech, said that the trend towards tokenization of real assets continued in 2024. This led to an increase in the volume of their placement in Russia.
We are talking about digital financial assets (DFAs), which are tokenized versions of real assets and are issued through operators approved by the Bank of Russia.
New DFA products have appeared that have structural income, where the yield depends on indices, stock quotes and commodity prices. The share of structural DFAs is very small compared to debt issues, but a start has been made for new products.
Thus, 2024 became an important stage for the Russian crypto market, with new opportunities and challenges that will determine its development in the future.
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New law on cryptocurrency in the Russian Federation: the main thing