By November 2023, all crypto miners in Russia must register their equipment, according to state news agency TASS. This initiative aims to create a centralized database of all operations.
Mandatory Mining Equipment Registration
According to the state news agency TASS, by November 1, all crypto miners in Russia must register their mining equipment. Rosfinmonitoring, the state financial watchdog, will develop a centralized database for this purpose. Consequently, unregistered mining will no longer be possible, as every operation will be officially recorded.
Regulations and Regional Bans
This initiative, led by Deputy Energy Minister Yevgeny Grabchak, is part of a broader effort to regulate the sector, particularly in regions where mining is already banned. In November 2024, authorities prohibited crypto mining in six regions due to power shortages, including some occupied areas of Ukraine, even in regions outside Russian control. The ban will remain in effect from December 2024 to March 2031.
New Tax System for Miners
Alongside the registration, Russia’s Federal Taxation Service (FNS) has introduced a web platform to help miners report their earnings. Using a qualified electronic signature, miners can now declare their digital currency income through their FNS accounts. A new taxation system that President Vladimir Putin signed into law at the end of 2024 came into force this year. Miners with profits of up to 2.4 million rubles ($23,976) pay a tax of 13% under the new rules, while those earning more are taxed at 15%. Moreover, from the 20th of each subsequent month, miners must provide a report of their earnings for the previous month.
The new initiative for mandatory registration of equipment and changes in the taxation system aim to increase regulatory control over the crypto market in Russia. These measures are intended to ensure greater transparency in the sector.
