based on materials from the site - By BitcoinInfoNews.Com
The Russian government has initiated a national registry for tracking and taxing cryptocurrency miners, focusing on unregistered operations organized by the Ministry of Energy and the Federal Tax Service.
This measure aims to formalize the cryptocurrency mining sector, reduce illegal operations, and increase tax efficiency, marking a significant expansion of regulation in Russia.
The Ministry of Energy of Russia is targeting unregistered miners.
The Ministry of Energy and the Federal Tax Service lead the creation of a national registry aimed at regulating cryptocurrency mining. The registry additionally identifies cryptocurrency miners for taxation and compliance purposes.
The initiative, led by Peter Konyushenko, Deputy Minister of Energy, prioritizes the formalization of the industry, combating illegal electricity usage, and ensuring compliance with tax rules to increase government revenues from mining. Konyushenko stated: 'The creation of such a registry will allow us to accurately identify consumers using electricity for mining purposes. This is necessary to apply special regulation and taxation to them.'
A new tax system to limit non-targeted electricity use in residential buildings.
The registry affects Bitcoin (BTC) and Ethereum (ETH) miners, moving 'grey market' operations into official facilities. Regulatory measures aim to reduce illegal mining using electricity in residential buildings.
A two-tier tax system imposes up to 15% on higher incomes, aiming to improve compliance with tax requirements. These changes may affect miners' decisions to continue operating within the country's regulatory framework.
Global regulatory trends are influencing Russia's strategy.
Similar efforts have been observed in China and Kazakhstan, with the Russian registry reflecting global trends towards tightening cryptocurrency mining rules, impacting the global distribution of hash rate.
This initiative may lead to a shift in hashing power towards registered facilities. Historical precedents show that forced regulations often temporarily disrupt mining operations until stabilization occurs.
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