Russian cryptocurrency regulations did not convince most mining companies to register in the authorities, because only 30% of miners entered the federal register of tax services from the end of 2024.
The Russian government began to enforce two bills related to cryptographic extraction in October and November 2024, introducing legal definitions and registration requirements for mining companies.
Despite this, 70% of miners remain underground, an official of the Ministry of Finance, Ivan Chebeskov he saidAccording to the report of the local TASS information agency on Thursday.
“By introducing recipes regarding mining, our overall approach was to extract this industry from the shadow as much as possible. We haven’t completed this process yet,” said Chebeskov.
The regulatory authorities undertake to push further registration
Chebskov said that the registration of Russian mining companies is “still far from the end”, adding that the authorities would work on the introduction of the remaining 70% on the legal farm.
“We will work on completing this process,” he said.
While Chebskov did not mention any specific planned measures encouraging miners to register operations, earlier reports suggested Russia may consider more strict penalties for illegal miners.
June 9 Forbes Russia Reported The fact that the Russian Ministry of Digital Development worked on a recent bill in order to enhance fines for illegal cryptocurrency mining activities to 2 million Russian rubles (USD 25,500) from the current 200,000 rubles.
The enforcement takes action against illegal miners
Chebskov’s latest comments appeared on the same day when Russian enforcement reported to close another illegal farm mining farm in the Russian region of Rostov.
The police discovered a mining farm in a garage convoluted in the city of Bataysko, occupying equipment, including 13 mining devices, an official representative of the Russian Ministry of the Interior Reported on Thursday.
Local investigators opened a criminal case due to an offense pursuant to art. 165 of the Russian Penal Code, said the official.
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Many local market observers criticized the provisions on the extraction of cryptocurrencies adopted in Russia at the end of 2024, and some claimed that they did not fully legalize cryptocurrency mining in this country.
“No new bright regulations are introduced, it only paves the basis for more precise taxation,” said Cointelegraph, Bestchange Nikita Zuborev chief analyst.
Some lawyers also noted that the recent provisions on the extraction of cryptocurrencies in Russia introduced a number of restrictions, such as prohibiting foreign mining in the country and imposing mining restrictions in several regions.
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