From the Gray Zone to the Register: 600 Miners in Russia Have Legalized Their Activities with the Federal Tax Service
More than 600 miners and mining infrastructure operators have registered with the Federal Tax Service since the special register was launched. According to official data, 518 miners and 91 infrastructure operators, including hosting services and data centers, have registered.
The registration of cryptocurrency mining participants became mandatory from November 1, 2024, after the corresponding provisions of the law ‘On Digital Financial Assets’ came into force. The requirement applies to all legal entities and individual entrepreneurs engaged in cryptocurrency mining in Russia.
Who Needs to Register
Individuals are not required to register, provided that their monthly electricity consumption for mining does not exceed 6,000 kWh. However, even unregistered miners who are individuals must report the amount of cryptocurrency mined on a monthly basis.
The Federal Tax Service emphasizes that inclusion in the register provides a legal basis for cryptocurrency mining: ‘Reporting the received cryptocurrency will allow miners to conduct their activities safely,’ the press release states.
The Process is Proceeding at a Calm Pace
The head of the Federal Tax Service, Daniil Egorov, reported that in the first month after the register was launched, the service received about 150 registration applications. He said that the registration process for miners is moving ‘quietly’ at a calm pace.
For ease of reporting, in February, the tax service launched an online functionality in the taxpayer's personal account. Individuals can fill out the necessary form in the ‘Mining’ section, and legal entities can do so in the ‘Digital Currency Mining’ section.
Current registration statistics indicate a gradual transition of cryptocurrency mining in Russia to a legal framework. Regulatory clarity provides the foundation for further development of the industry within the legal framework, although the complete picture of the mining sector in the country remains unclear.