Russian Government Begins Compiling National Crypto Mining Equipment Register

PANews reported on July 7 that according to Cryptonews, the Russian Ministry of Energy is compiling a national register of crypto mining equipment to combat illegal mining and increase tax revenue. The plan is being promoted by the Ministry of Energy in conjunction with the Federal Tax Service and the Ministry of Digital Development, and the register will become a central database for mining equipment across the country. Deputy Energy Minister Petr Konyushenko said that a draft has been sent to areas where mining is active. He said that this register will allow Moscow to accurately identify domestic entities that use electricity to mine cryptocurrencies, making it easier for regulatory and tax authorities to ensure that miners abide by the law and help increase tax revenue. Konyushenko also said that this is an initiative to promote the legalization of the industry and reduce illegal energy consumption. At present, legal cryptocurrency mining activities in Russia have increased, but illegal mining is also prevalent, and many industrial crypto mines are operating in many parts of the country.