Nikolas Sargeant
Russian firms are rushing to apply for crypto mining permits, with the Federal Tax Service confirming 150 applications filed since November 1, according to RBC reports.
"Everything is going quite quietly and calmly with registration applications. For me, this is a good sign," stated Federal Tax Service chief Daniil Egorov, highlighting the organized transition to the new regulatory framework.
Registration Requirements and Exemptions
The new regulations, effective from November 1, require companies and individual enterprises to register with authorities. Private miners using less than 6,000 kWh monthly are exempt from registration requirements.
Registrants must provide detailed information to the Federal Tax Service, including:
- Data on mined cryptoassets
- Crypto wallet addresses
- Other identifying information
Energy Management and Infrastructure
Egorov emphasized the complex coordination required between miners and the Ministry of Energy, particularly regarding power distribution and infrastructure limitations. He noted the diverse energy sources used in mining operations, including gas-powered facilities at oil drilling sites.
The tax chief outlined several key considerations:
- Regional mining permissions
- Power grid capacity assessment
- Alternative energy source integration
- Different taxation frameworks for individuals and companies
Russia's largest crypto mining companies reported combined revenues exceeding 20 billion rubles ($197.4 million) last year. Industry leaders claim Russian industrial computing power ranks second globally, trailing only the United States.
Recent developments include:
- Regional wintertime mining restrictions
- Bans in occupied Ukrainian territories
- Presidential support for mining development in power-surplus regions
