Russia is taking steps to enhance crypto mining regulation by launching a registry of mining rigs for better oversight of illegal activities.
Launch of the Crypto Mining Registry in Russia
The Russian Ministry of Energy, in collaboration with the Federal Tax Service and the Ministry of Digital Development, has initiated the creation of a national registry of crypto mining rigs. The primary goal of this initiative is to identify and control illegal operations evading taxes and misusing the electrical grid. Ivan Chebeskov, a Finance Ministry official, reported that only 30% of miners had registered since the introduction of crypto mining laws in late 2024. The registry has already been sent to regions experiencing heightened mining activity. Deputy Energy Minister Petr Konyushenko believes this registry is a vital step towards legalizing the industry.
Bill Miller IV's Position on Bitcoin Taxation
While Russia focuses on tax evaders, Bill Miller IV, chief investment officer at Miller Value Partners, argued against taxing Bitcoin. On the Coin Stories podcast, he stated that the decentralized nature of Bitcoin eliminates the need for state control over property rights. Miller explained that taxes on property support systems that track and enforce ownership, while Bitcoin relies on its decentralized technology to maintain records.
Senator Lummis' New Crypto Tax Relief Bill
US Senator Cynthia Lummis introduced a bill aimed at modernizing the tax code for digital assets. The bill proposes several changes, including a de minimis exemption allowing individuals to exclude capital gains on digital asset transactions of $300 or less. Lummis also suggested tax exemptions for crypto lending and donations, emphasizing that the bill aims to simplify tax compliance for blockchain participants.
Russia's efforts to regulate the crypto mining industry come amidst global discussions about cryptocurrency taxation, highlighting the significance of such legislative initiatives for appropriate regulation in the digital asset space.
