Russia starts a national registry for encryption mining equipment.

The Russian Energy Department plans to introduce a national registry for encryption mining equipment to mandate registration in all operations.

According to the February 3 TASS report, the Vice Minister of Energy, YEVGENY GRABChak, leads the initiative to improve existing mining regulations and improve supervision. This action follows illegal mining, especially in limited areas.

The authorities are trying to set up a clear standard for defining encryption mining and solving the regulatory gap that can thrive. The government said:

“It is important to formulate a clear criterion for the ‘mining’ law on the current situation, especially based on practical experiences.”

Despite the previous ban, illegal mining of the state is rampant and difficult to execute. DUMA Energy Committee President Nikolai Shulginov admitted that the limitations imposed in various Russian regions did not completely suppress unauthorized mining.

It is easier to comply with taxes for miners

In relevant measures, Russia’s Federal Taxation Service (FNS) introduced an online system for encryption miners to declare income.

The report mentioned:

“The taxpayer’s personal account has a new feature. With the help of online services, users can now send information about digital currency reception to tax authorities. ”

According to TASS, a qualified electronic signature can access this function. The system provides specific tax reporting forms for individuals, businesses and entrepreneurs, who are consistent with a wide range of efforts to integrate encryption into the economy.

According to the updated regulatory framework in Russia, digital assets are considered to be taxable real estate. Cryptocurrency is exempt from VAT, but mining and trading profits are now faced with a 15%tax rate.

Such regulatory measures match the government’s extensive strategy to integrate encryption into the economy. As regulatory clarity increased, companies and individuals invested in bitcoin mining and encouraged them to use Bitcoin and Stable Coin for trading.

In 2024, the demand for industrial mining equipment in Russia has three times more than the previous year.