Russia Moves to Tighten Control Over Crypto Mining with New Registration Rules
Russia's Ministry of Energy has revealed plans to implement a mandatory registration system for crypto mining equipment, aiming to eliminate unregistered mining operations.
This move, led by Deputy Minister Yevgeny Grabchak, is part of a broader effort to better monitor mining activities, particularly in regions where it is restricted.
The new system would make it nearly impossible to mine without registering equipment, as the government seeks to tighten control over mining operations.
This initiative follows last year’s decision to ban crypto mining in several regions, including certain territories in Ukraine, citing power shortages as the main reason. These bans will remain in effect from December 2024 until 2031.
READ MORE: India Eyes Revised Crypto Regulations as Global Trends Evolve
In parallel, Russia’s Federal Taxation Service (FNS) has introduced a new feature allowing miners to report their earnings directly through their online accounts. The new system requires an electronic signature and will streamline tax reporting for both individuals and businesses.
Additionally, a tax framework approved by President Vladimir Putin will impose a 13% tax on crypto earnings up to a set threshold, with higher earnings subject to a 15% rate. Miners will also be required to submit monthly reports, ensuring compliance with the new tax regulations.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
