Russia’s cryptocurrency law has not convinced most mining industries to register with the authorities, because only 30% of miners have entered the federal tax services register since the second half of 2024.
The Russian government began implementing two bills related to crypto mining in October and November 2024, thus providing the mining industry with legal definitions and registration requirements.
Still, 70% of miners remain underground, finance official Ivan Chebeskov explainAccording to a report by local news agency Tass on Thursday.
“Our general approach when introducing mining regulations is to differentiate the industry from the shadows as much as possible. We have not completed the process yet,” Chebeskov said.
Regulators promise to promote further registration
Chebeskov said the registration of the Russian mining company was “not over yet”, adding that authorities would work to bring the remaining 70% to the legal side.
“We will work hard to complete this process,” he said.
Although Chebeskov did not mention any specific planned measures to encourage miners to register their business, early reports said Russia might consider stricter penalties for illegal miners.
June 9, Forbes Russia Report Russia’s Ministry of Digital Development is developing a new bill that increases the fine for illegal crypto mining operations to the current 2 million Russian rubles ($25,500) of 200,000 rubles.
Law enforcement takes action against illegal miners
Chebeskov’s latest comment was the same day that Russian law enforcement agencies reported closing another illegal mining farm in the Rostov region of Russia.
Police found a mining farm in a garage in Besak and seized equipment including 13 crypto mining equipment, the official representative of the Russian Ministry of Interior Report Thursday.
Officials said local investigators opened a criminal case based on the crime under Article 165 of the Russian Criminal Code.
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Many local market observers Criticizes Russia’s crypto mining law In the second half of 2024, some people believed that they failed to fully legalize crypto mining in the country.
“There is no new clear regulations proposed, just paving the foundation for more precise taxes,” Nikita Zuborev, chief analyst at BestChange, told Cointelegraph last year.
Some lawyers also pointed out that Russia’s new crypto mining law has introduced many restrictions, such as prohibiting foreigners from mining in the country and Implement mining restrictions in several areas.
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