Russia’s Crypto Mining Regulation Challenges
Russia introduced new cryptocurrency mining laws in late 2024, but regulatory challenges persist. Only 30% of mining businesses have registered with the Federal Tax Service, leaving the majority unregistered. Ivan Chebeskov, a Finance Ministry official, stressed the importance of stricter enforcement to ensure compliance.
Government Measures and Penalties
To encourage registration, authorities are considering stricter penalties. Recent enforcement actions, including the shutdown of an illegal mining farm in Rostov, demonstrate these efforts. Proposed fines could increase to 2 million rubles ($25,500) from the current 200,000 rubles.
Criticism and Legal Restrictions
Critics argue the laws fall short of fully legalizing crypto mining. Key restrictions include banning foreign miners and limiting operations in certain regions. Nikita Zuborev, BestChange chief analyst, noted the laws focus more on taxation than clear regulatory benefits.
