The laws of the cryptocurrency of Russia have not convinced most of the mining companies to register with the authorities, because only 30% of minors have entered the federal tax register since 2024.
The Russian government began to apply two bills linked to the mining of cryptography in October and November 2024, with legal definitions and registration requirements for mining companies.
However, 70% of minors remain underground, said the head of the Ministry of Finance, Ivan Chebeskov, said on Thursday report by the local TASS news agency.
“During the introduction of mining regulations, our general approach was to bring this shadow industry out as much as possible. We have not yet finished this process,” said Chebeskov.
Regulators undertake to push other inscriptions
Chebeskov said that the recording of Russian mining companies is “still far from over”, adding that the authorities will try to put the remaining 70% in the legal fold.
“We are going to work to finish this process,” he said.
Although Chebeskov has not mentioned any specific planned measure to encourage minors to record their operations, previous reports suggested that Russia could consider more strict sanctions for illegal minors.
On June 9, Forbes Russia indicated that the Russian Digital Development Ministry was working on a new bill to increase fines for illegal cryptography extraction operations to 2 million Russian rubles ($ 25,500) from the 200,000 current rubles.
The application takes measures against illegal minors
Chebeskov’s latest comments came the same day that Russian Enforcement reported the closure of another illegal mining farm in the Russian Rostov region.
Police discovered a mining farm in a garage complex in the city of Bataysk, entering equipment including 13 Crypto mining devices, an official representative of the Russian Ministry of Internal Affairs reported on Thursday.
Local investigators opened a criminal case on the grounds of a crime under article 165 of the Russian Criminal Code, said the manager.
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Many observers of the local market criticized the laws on crypto mines adopted in Russia at the end of 2024, some arguing that they had not entirely legalized the exploitation of cryptography in the country.
“No new clear regulations are introduced, it only makes the ground for more precise taxation,” said Bestchange chief analyst Nikita Zuborev last year.
Some lawyers have also noted that new crypto mine laws in Russia have introduced a number of restrictions, such as the ban on foreign persons from extracting in the country and imposing mining restrictions in several regions.
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