Russia is trying to regulate its crypto mining sector, but according to authorities, most of it is still underground.Russia is trying to regulate its crypto mining sector, but according to authorities, most of it is still underground.
Only 30% of Russian crypto miners registered, says finance ministry
Most of the crypto miners in Russia don’t comply with the regulations the country imposed on mining.
Russia is taking steps to legalize and regulate crypto mining to bring it out of the informal economy. Still, most crypto miners in the country fall outside relevant regulation, authorities say. On Tuesday, June 19, the Finance Ministry revealed that just 30% of miners are registered with the relevant tax authorities.
According to Deputy Finance Minister Ivan Chebeskov, registering crypto mining entities is still an ongoing process. The authorities aim to bring miners into the regulated economy, where they can be taxed and managed.
Still, taxation is not the only reason for registration. Starting in 2025, Russia has banned crypto mining in certain regions with weaker infrastructure, especially during peak hours. The goal is to reduce the strain on electrical grids.
Russia moves to formalize crypto mining
Russia legalized crypto mining in 2023 as part of its ongoing effort to tax and regulate the industry. In 2024, the country imposed a 15% tax on cryptocurrency mining profits, based on market value when received. However, it also lifted some taxes, including VAT on crypto purchases.
For Russian citizens and businesses, Bitcoin (BTC) mining remains a profitable way to leverage the country’s cheap energy prices. At the same time, low living standards and ongoing sanctions make it a competitive way for both individuals and companies to earn income.
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