The post Only 30% Of Russian Crypto Miners Report To Tax Authority appeared on BitcoinEthereumNews.com.

Russia’s cryptocurrency laws have not convinced most mining businesses to register with authorities, as only 30% of the miners have entered the Federal Tax Service Register since late 2024. The Russian government began enforcing two crypto mining-related bills in October and November 2024, introducing legal definitions and registration requirements for mining businesses. Still, 70% of the miners remain underground, Finance Ministry official Ivan Chebeskov said, according to a report by local news agency TASS on Thursday. “When introducing mining regulations, our general 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 pledge to push further registrations Chebeskov said registering Russian mining companies is “still far from over,” adding that authorities will work to bring the remaining 70% into the legal fold. “We will work to complete this process,” he said. While Chebeskov did not mention any specific planned measures for encouraging miners to register their operations, earlier reports suggested Russia might consider more stringent penalties for illegal miners. On June 9, Forbes Russia reported that Russia’s digital development ministry was working on a new bill to increase the fines for illegal crypto mining operations to 2 million Russian rubles ($25,500) from the current 200,000 rubles. Enforcement takes action against illegal miners The latest comments from Chebeskov came on the same day as Russian enforcement reported on shutting down another illegal mining farm in Russia’s Rostov region. Police discovered a mining farm in a garage complex in the city of Bataysk, seizing equipment including 13 crypto mining devices, an official representative of the Russian Ministry of Internal Affairs reported on Thursday. Confiscated mining equipment in Russia’s Rostov region. Source: Russian Ministry of Internal Affairs Local investigators have opened a criminal case on the grounds of…

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Filed under: News - @ June 20, 2025 2:23 am