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A company that is changing the way the world mines bitcoin

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Market Cap
24h Vol
12789
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Bitcoin Share
The Coin Rise 2025-02-03 20:49:19

Russia Cracks Down on Crypto Mining with Mandatory With Rule

Russia Cracks Down on Crypto Mining with Mandatory With Rule

The Russian government is tightening its grip on the crypto mining sector. Russia’s Ministry of Energy has announced plans to introduce a nationwide registry for mining equipment. This new proposal, if enforced, will make it impossible for miners to operate without registering their hardware. The move aims to bring greater transparency to the country’s mining activities, particularly in regions where crypto mining is restricted. Russia’s Effort Towards Regulation Deputy Minister of Energy Yevgeny Grabchak is spearheading this effort as part of a broader push to regulate existing mining regulations. The goal is to monitor and track domestic mining operations, especially in areas where mining is banned or closely regulated. The move aims to help Russia manage its energy resources more efficiently. It also seeks to combat the risks of unregulated mining activities , as seen previously in Malaysia. The new registry law would ensure compliance and make it harder for miners to operate in the shadows. Without proper registration, crypto-mining operations would be deemed illegal. This marks a significant shift in the Russian government’s approach to digital currency production. Russia’s Regional Crypto Mining Bans and Power Shortages This announcement follows a series of crypto mining bans across six regions of Russia, including certain occupied Ukrainian territories. These restrictions remain in place from December 2024 to March 2031. It was introduced to address growing power shortages in those areas. The government has made it clear that limiting energy consumption is a priority. Notably, curbing unregistered mining is seen as a key part of the solution. Russia’s Tax Authorities Step In Russia’s Federal Taxation Service (FNS) is also ramping up oversight. The agency has launched a new online platform that allows crypto miners to report their earnings directly to the government. As per TASS, miners must submit their digital currency earnings using a qualified electronic signature. This initiative is aimed at streamlining the tax reporting process for crypto miners. This comes on the heels of a tax framework introduced by President Vladimir Putin in 2024 . Under the new regulations, miners earning up to 2.4 million rubles ($23,976) will be taxed at 13%. Meanwhile, those with earnings above the threshold will face a 15% tax rate. Additionally, miners must submit monthly earnings reports, with deadlines set for the 20th of the following month. This new tax law took effect at the beginning of this year. The post Russia Cracks Down on Crypto Mining with Mandatory With Rule appeared first on TheCoinrise.com .

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