Russia is tightening control over its cryptocurrency mining sector with new regulatory measures aimed at tracking mining activities and enforcing tax compliance.
The Ministry of Energy announced plans to introduce a single registry for crypto mining equipment, making registration mandatory for all mining operations, according to state-owned news agency TASS.
TASS reported that unregistered mining would become ‘impossible’ under the new rules, aimed at curbing illegal operations in restricted regions. Deputy Minister of Energy Yevgeny Grabchak is leading the effort, which marks a significant step in Russia’s evolving approach to crypto oversight.
Mandatory Equipment Registry
The proposed registry seeks to provide authorities with clearer oversight of mining operations amid growing concerns about energy consumption. Russia has been grappling with power shortages in several regions, and authorities have increasingly targeted mining as a contributing factor.
In November 2024, the government imposed a crypto mining ban on six regions, including certain occupied Ukrainian territories. The prohibition is in effect from December 2024 through March 2031.
The move aligns with Russia’s broader efforts to regulate the crypto sector. Officials have previously expressed concerns over unregulated mining, particularly in areas where electricity is subsidized or where illicit mining operations strain local grids. With the new registry, authorities aim to curb unauthorized activities and ensure compliance with national energy policies.
New Tax Reporting Requirements
Alongside the equipment registry, Russia’s Federal Taxation Service (FNS) has introduced new reporting requirements for crypto miners. The FNS announced that miners can now report their digital currency earnings through an online portal, according to a separate TASS report. The function is accessible once users submit a qualified electronic signature.
The tax authority’s system offers separate reporting forms for individuals, legal entities, and individual entrepreneurs. This follows a tax framework approved by President Vladimir Putin on Nov. 29, 2024, which took effect at the start of this year. Under the new tax rules, miners earning up to 2.4 million rubles ($23,976) annually are taxed at 13%, while those exceeding this threshold are taxed at 15%.
Taxpayers engaged in crypto mining must report their earnings to authorities no later than the 20th day of the month following the receipt of mined currency. This requirement applies to individual entrepreneurs and legal entities listed in the official registry of miners and operators.
The regulatory changes reflect Russia’s broader push to formalize its approach to digital assets. Authorities have previously debated the role of cryptocurrency in the economy, balancing concerns over financial stability with the potential benefits of blockchain technology. The new measures suggest a shift toward stricter oversight, particularly in an industry long criticized for operating in legal gray areas.
