- Only 30% of Russian crypto miners have registered under new regulations.
- Authorities plan central mining hardware registry to boost transparency.
- Miners must now file monthly reports to the Federal Tax Service.
Russia’s recent efforts to regulate cryptocurrency mining have not produced the results the government had hoped for. Although new laws were introduced in late 2024 to bring crypto miners into the legal framework, most mining businesses are still operating without registration.
Only 30% of Russian Crypto Miners Registered with Tax Authorities
According to a report by the Russian news agency TASS, half of the crypto miners in Russia have so far registered with the Federal Tax Service (FTS), only amounting to approximately 30 percent. This was known through Deputy Finance Minister Ivan Chebeskov at the St. Petersburg International Economic Forum (SPIEF). He stated that when these laws were initially unveiled by the government, their intentions were to get the crypto mining sector out of the darkness. But the development has been slow.
Chebeskov indicated that almost 70% of the mining industry is not registered. He said the government has made some progress. But more work is needed to bring all miners under the law. According to him, the authorities should still work on making every miner register in the national register maintained by the FTS.
The Ministry of Energy revealed in February 2025 its plans to establish a central register of all crypto mining hardware. The decision is meant to put the government in a better control and also to ensure that the mining process is more transparent. TASS and Live Bitcoin News report that, according to the plans of the registry, every business that deals with mining will have to list its business in the registry.
Moreover, the Federal Tax Service has recently added new online features that would make compliance simpler. There is now a portal where a person can report the earnings of his digital currency to the authorities. It is a service, which is being set up according to the federal law named “On Digital Financial Assets, Digital Currency, and Amendments to Certain Legislative Acts of the Russian Federation.”
Government Pushes for Full Control of Crypto Mining Sector
Miners are now required to submit monthly reports to the tax service by the 20th day of each month. This involves people and companies that are engaged in mining of digital currencies. Such reports are expected to present correct statistics of currency in the form of how much has been mined and any other information.
Foreign companies cannot legally set up mining operations in Russia. However, many international players still show strong interest. In particular, miners from China are moving toward Russia. They are attracted by low electricity costs and excess energy. As a result, this trend is growing quickly. Russian regulators have become concerned. This foreign demand makes it harder to enforce domestic mining rules.
Despite these difficulties, Russia managed to be classified as one of the leaders worldwide in crypto mining. The country produced more than 54,000 BTC in 2023 or became one of the global leaders in Bitcoin mining, according to the recent estimate.
The Russian government is taking steps to regulate crypto mining. However, most of the industry still operates outside the official system. This will likely continue until Russia fully enforces mining regulations. The governments are still moving towards ensuring all miners are brought under the law, but this might take a while.
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