Russia plans to create mandatory registry for crypto mining equipment

Russia’s Ministry of Energy announced today that it plans to establish a single registry for crypto mining equipment, making registration mandatory for all crypto mining operations, according to a report from state-owned news agency TASS.

If implemented, crypto mining without registering one's equipment to the system would be made “impossible,” the TASS report said.

This plan, led by Deputy Minister of Energy Yevgeny Grabchak, is part of proposed amendments on existing mining regulations that aim to better identify domestic mining activities, especially held in regions where mining is not allowed.

Last November, Russian authorities placed crypto mining bans on six regions including certain occupied Ukrainian territories, where the activity is prohibited from December 2024 through March 2031. The ban was reportedly placed to address power shortages.

Mining tax

Meanwhile, Russia’s Federal Taxation Service (FNS) also announced today that crypto miners are now able to report their digital currency earnings on their online FNS accounts, per a separate TASS report.

The report, citing the tax authority, stated that the new function is programmed to appear after the user submits a qualified electronic signature. The FNS' online function offers separate tax reporting forms for individuals, legal entities and individual entrepreneurs, according to TASS.

On Nov. 29, 2024, Russian President Vladimir Putin approved a tax framework for crypto mining and transactions to take effect at the start of this year, where miners with crypto income of up to 2.4 million rubles ($23,976) are taxed 13% and those that earn more than the threshold are levied 15% of the income, according to the Digital Watch Observatory.

Miners are required to meet monthly reporting requirements for their mined cryptocurrency, with a deadline of the 20th of the following month, according to the TASS report.