Russia's Deputy Finance Minister disclosed that only one-third of crypto mining firms are operating legally, despite a new law mandating registration with the Federal Tax Service (FTS). A report from TASS indicated that over half of these companies remain unregistered. Since the law's implementation in November 2024, only 30% of miners have complied. The legislation, approved in August 2023, aims to regulate the mining sector and curb illegal activities. By December 2024, more than 100 companies had applied for registration, but the FTS's head, Daniil Yegorov, noted that this figure was still low. At the St. Petersburg International Economic Forum, Chebeskov emphasized the need for more miners to register, stating that the goal is to fully legalize the industry. The Ministry of Digital Development is also working on amendments to impose fines for illegal mining and enhance enforcement against unregistered operations. This includes potential confiscation of crypto assets and penalties for unauthorized transactions. Read more AI-generated news on: https://app.chaingpt.org/news