#CryptoStocks

Russia claims that 70% of cryptocurrency miners remain unregistered despite new laws.

Russia will continue to take measures to encourage cryptocurrency mining businesses to register with the tax authority, including stricter penalties for violations.

Cryptocurrency laws in Russia have not convinced the majority of mining companies to register with the authorities, as only 30% of miners have signed up in the Federal Tax Service Registry since the end of 2024.

The Russian government began implementing two bills related to cryptocurrency mining in October and November 2024, introducing legal definitions and registration requirements for mining companies.

Still, 70% of miners remain underground, according to Finance Ministry official Ivan Chebeskov, as reported by local news agency TASS on Thursday.

"By introducing regulations for mining, our overall approach was to bring this industry out of the shadows as much as possible. We have not yet completed this process," Chebeskov reportedly said.

Regulators promise to boost more registrations

Chebeskov stated that the registration of Russian mining companies "is far from over," adding that authorities will work to bring the remaining 70% into the legal framework.

"We will work to complete this process," he asserted.

Although Chebeskov did not mention specific planned measures to encourage miners to register their operations, previous reports suggested that Russia may consider stricter penalties for illegal miners.

On June 9, Forbes Russia reported that the Ministry of Digital Development of Russia was working on a new bill to raise fines for illegal cryptocurrency mining operations to 2 million Russian rubles (25,500 dollars) from the current 200,000 rubles.