Russia launches national registry to regulate and tax crypto mining rigs

Russia’s energy ministry launches a national registry of crypto mining rigs to crack down on tax evasion and illegal power theft. Only 30% of miners have complied with new laws, prompting government efforts to bring the remaining 70% into legal status. The registry aims to regulate and tax the industry.

Deputy Energy Minister Petr Konyushenko states that the registry will help identify electricity consumers for mining purposes, enabling special regulations and taxation. The move is part of Russia’s efforts to legalize the industry and curb illegal energy consumption. The registry is a step towards enforcing bans on mining in prohibited regions.

Russian government enforces a crypto mining-related bill, introducing legal definitions and registration requirements for mining businesses. It has also banned crypto mining in 10 regions until 2031 to prevent blackouts. Authorities are working on increasing fines for illegal mining operations to 2 million Russian rubles ($25,500).

Russian authorities have shut down illegal crypto mining operations, including a mining farm in a garage complex in Bataysk and a hidden operation inside a truck in the Pribaikalsky region. The crackdown is part of efforts to regulate the industry and prevent illegal power consumption.

Read more at Cointelegraph: Russia’s Energy Ministry Launches Crypto Mining Register