Nikolas Sargeant
Russia's Ministry of Energy has announced plans to create a mandatory registry for crypto mining equipment, aiming to better track the nation’s mining activities. According to a report by state-owned news agency TASS, this initiative is part of proposed amendments to existing regulations that will make it impossible to mine cryptocurrency without registering equipment in the system. The registry will help authorities identify illegal or unauthorized mining operations, especially in regions where mining is prohibited.
Last year, Russian authorities placed mining bans in six regions, including certain occupied Ukrainian territories, to combat power shortages. This led to certain Eastern regions becoming Bitcoin mining hubs. These restrictions are set to remain in effect until 2031. The new registry will likely play a key role in enforcing these bans, ensuring that miners comply with regulations in designated areas. The Ministry of Energy's efforts reflect the country’s broader strategy to bring cryptocurrency mining under control, especially as energy consumption becomes a growing concern.
In addition to the registry, Russia’s Federal Tax Service (FNS) has introduced a new function allowing crypto miners to report their earnings via their online accounts. Miners will be required to submit a qualified electronic signature to use the platform. Separate reporting forms are available for individuals, legal entities, and individual entrepreneurs. This move is part of a wider effort to formalize the crypto mining industry and ensure miners comply with Russia’s newly established tax framework.
As of January 2025, miners earning up to 2.4 million rubles ($23,976) are subject to a 13% tax, while those exceeding this threshold face a 15% tax rate. The tax framework also requires miners to submit monthly reports on their mined cryptocurrency by the 20th of the following month. These new measures aim to improve transparency in the mining sector, aligning it with Russia’s broader fiscal and regulatory goals.
