Russia's new policy on crypto mining aims to legalize and regulate the sector. However, a majority of industry participants still remain unregistered.
Registration of Crypto Miners in Russia
According to the Ministry of Finance of Russia, only 30% of crypto miners are currently registered with tax authorities. Deputy Finance Minister Ivan Chebeskov noted that the registration process is ongoing, and authorities aim to include more participants in the regulated economy.
Reasons for Legalization and Taxation
Crypto mining was legalized in Russia in 2023, and by 2024 a 15% tax on mining profits was imposed. This measure aims to create transparency in the industry and allow for taxation. At the same time, some taxes, such as VAT on cryptocurrency purchases, were lifted.
Ban on Mining in Certain Regions
Starting in 2025, Russia will ban crypto mining in regions with weaker infrastructure, particularly during peak hours. This decision is aimed at reducing the strain on electrical grids.
Despite legalization, a large portion of crypto miners in Russia continues to operate outside of the regulatory framework. Authorities are working to register participants and create a more transparent tax system.
