The Russian government is tightening its grip on the crypto mining sector with a new initiative to create a nationwide registry for mining equipment.
Russia's Effort Towards Regulation
Deputy Minister of Energy Yevgeny Grabchak is spearheading this effort. The goal is to monitor and track domestic mining operations, especially in areas where mining is banned or closely regulated. This will help Russia manage its energy resources more efficiently and combat the risks of unregulated mining activities. The new registry law would make unregistered mining operations illegal.
Regional Bans and Power Shortages
This announcement follows a series of bans across six regions of Russia, including certain occupied Ukrainian territories. These restrictions are in place from December 2024 to March 2031 to address growing power shortages. Limiting unregistered energy consumption is seen as a crucial part of addressing the issue.
Russia's Tax Authorities Step In
Russia’s Federal Taxation Service is ramping up oversight with a new online platform that allows miners to report their earnings directly to the government using a qualified electronic signature. This follows a tax framework introduced by President Vladimir Putin in 2024. Under the new regulations, miners earning up to 2.4 million rubles are taxed at 13%, while those with higher earnings face a 15% tax rate. Monthly earnings reports are due by the 20th of the following month, with the new tax law effective from the beginning of the year.
These initiatives highlight Russia's push towards stricter control over crypto mining in terms of energy management and tax regulation.
