Russia’s cryptocurrency laws have not convinced most mining businesses to register with officials, as only 30% of the miners have entered the federal tax service register from the end of 2024.
The Russian government began to implement two crypto mining-related bills in October and November 2024, introducing legal definitions and registration requirements for mining businesses.
Nevertheless, 70% of miners are underground, Finance Ministry official Ivan Chebeskov SaidAccording to a report by local news agency Tass on Thursday.
Chebeskov reportedly said, “While presenting mining rules, our general view was to bring this industry out of shadow as much as possible. We have not yet completed the process,” Chebeskov said allegedly.
Regulators vow to further registration
Chebeskov said that registering Russian mining companies “is still far away”, saying that the authorities will work to bring the remaining 70% to the legal fold.
“We will work to complete this process,” he said.
While Chebaskov did not mention any specific planned measures to encourage miners to register their operations, earlier reports suggested that Russia could consider more stringent punishment for illegal miners.
Forbes Russia on 9 June Informed Russia’s Digital Development Ministry was working on a new bill to increase the fine for illegal crypto mining operations for 2 million rubles ($ 25,500), existing 200,000 rubles.
Enforcement takes action against illegal miners
Chebeskov’s latest comments came on the same day when Russian enforcement reported another illegal mining form in Russia’s Rosov region.
Police discovered a mining farm in a garage campus in the city of Bettsk, which seize equipment including 13 crypto mining equipment, which is an official representative of the Russian Ministry of Internal Affairs. Informed On Thursday.
The official said that local investigators have opened a criminal case on a crime basis under Article 165 of the Criminal Code of Russia.
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Many local market supervisors Criticized crypto mining laws adopted in Russia At the end of 2024, with some arguments that they failed to completely legalize crypto mining in the country.
“No new clear rules have been introduced, it only escapes on the ground for more accurate taxation,” Bestaches chief analyst Nikita Juborv told the Coinlagraph last year.
Some lawyers also said that new crypto mining laws in Russia introduced many restrictions, such as banning foreign individuals from mining in the country and Mining restriction,
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