Russian cryptocurrency laws have not convinced most mining companies to register with the authorities, since only 30% of the miners have entered the registry of federal tax services since the late 2024.
The Russian government was to fulfill two bills related to cryptographic mining in October and November 2024, presenting legal definitions and registration requirements for mining companies.
Even so, 70% of the miners remain underground, said the official of the Ministry of Finance Ivan Chebeskov, according to a report by the local news agency Tass on Thursday.
“By introducing mining regulations, our general approach was to get this shadow industry as much as possible. We have not yet completed this process,” said Chebeskov.
Regulators undertake to promote more records
Chebeskov said that registering Russian mining companies is “still far from finishing,” and added that the authorities will work to put the soaking of 70% in the legal network.
“We will work to complete this process,” he said.
Although Chebeskov did not mention any specific planned measure to encourage miners to register their operations, previous reports suggested that Russia might consider more strict sanctions for illegal miners.
On June 9, Forbes Russia reported that the Russian Ministry of Digital Development was working on a new bill to increase fines for illegal cryptographic mining operations to 2 million Russian rubles ($ 25,500) of the current 200,000 robberies.
The application takes measures against illegal miners
Chebeskov’s latest comments arrived on the same day that the application of Russian law reported on closing another illegal mining farm in the Rostav region in Russia.
Police discovered a mining farm in a garage complex in the city of Bataysk, taking teams that include 13 mining cryptography devices, an official representative of the Russian ministry or internal issues reported Thursday on Thursday.
Local investigators have opened a criminal case on the reasons for a crime under article 165 or the Criminal Code of Russia, said the official.
Many local market observers criticized cryptography mining laws adopted in Russia at the end of 2024, and some argue that they could not completely legalize cryptographic mining in the country.
“New clear regulations are not introduced, it only paves the land for more precise taxes,” BestChange analyst Nikita Zuborev, Cointelegraph, last year, told Cointelegraph last year.
Some lawyers also pointed out that the new cryptographic mining laws in Russia introduced a series of restrictions, such as prohibiting mining foreign persons in the country and imposing mining restresses in several regions.
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