Recently, Russia announced the creation of a national cryptocurrency mining registry aimed at combating illegal activities in this sector and enhancing tax accountability.
Goals of the New Registry
The registry, developed by the Ministry of Energy in collaboration with the Federal Tax Service and the Ministry of Digital Development, is intended to improve regulatory compliance and tax obligations in crypto mining.
Market Impact
According to regulatory proposals, the launch of the registry will influence the market by increasing tax revenues and targeting illegal mining. Significant changes will affect industrial operators, while domestic users will benefit from a 6,000 kWh per month exemption.
Miner Registration Statistics
Current statistics indicate that only 30% of miners have registered with the Federal Tax Service since late 2024. 'Only 30% of crypto miners have registered since late 2024,' states Ivan Chebeskov, an official from the Russian Ministry of Finance.
The establishment of the cryptocurrency mining registry in Russia aims to improve tax compliance and combat illegal activities in this sector, potentially significantly altering the landscape of the cryptocurrency market.
