Russia to Introduce Mandatory Registration for Crypto Mining Equipment
Russia’s Ministry of Energy has announced plans to establish a centralized registry for cryptocurrency mining equipment, making registration a compulsory requirement for all mining operations, according to a report from state-owned news agency TASS.
Under the proposed regulation, unregistered mining activities would effectively become impossible, the report stated. The initiative, spearheaded by Deputy Minister of Energy Yevgeny Grabchak, is part of broader amendments to existing mining regulations aimed at identifying and monitoring domestic mining operations, particularly in regions where mining is prohibited.
Mining Bans and Regulatory Oversight
In November 2024, Russian authorities imposed restrictions on cryptocurrency mining in six regions, including certain occupied Ukrainian territories. The ban, which will be in effect from December 2024 through March 2031, was reportedly introduced to mitigate power shortages in affected areas.
New Tax Reporting System for Miners
In a separate development, Russia’s Federal Taxation Service (FNS) has launched a new online function allowing crypto miners to report their earnings directly through their FNS accounts, according to another TASS report. The system, accessible after users submit a qualified electronic signature, provides distinct tax reporting forms for individuals, businesses, and sole proprietors.
These measures follow the tax framework approved by President Vladimir Putin on November 29, 2024, which came into effect at the start of this year. Under the framework, crypto miners earning up to 2.4 million rubles (approximately $23,976) are subject to a 13% tax, while those surpassing this threshold face a 15% tax rate.
Miners are also required to submit monthly reports detailing their cryptocurrency earnings, with a filing deadline set for the 20th of the following month, according to TASS.
Leave a comment