Russia Launches Registry to Monitor Crypto Mining
Russia unveils national crypto mining registry to regulate electricity use and enforce legal operations.
- New registry tracks crypto mining equipment across Russia
- Miners must report earnings and register legally
- Focus on energy regulation and regional oversight
Russia has officially launched a national crypto mining registry to better track electricity consumption and regulate mining operations. This move is part of a broader effort to manage the country’s rapidly growing digital mining industry, especially in regions where electricity use by miners has surged.
The registry was developed through a collaboration between the Energy Ministry, the Federal Tax Service, and the Ministry of Digital Development. It aims to identify and monitor both individuals and companies involved in crypto mining, ensuring compliance with local laws and power usage guidelines.
Legal Compliance Now Mandatory for Miners
Under the new system, anyone engaged in crypto mining must register their equipment and report their earnings. For businesses, legal registration is now a requirement to continue operations. Unregistered miners could face penalties or have their operations shut down.
This initiative is particularly targeted at regions with high mining activity, such as Siberia and the Russian Far East, where cheap electricity has attracted large-scale mining operations. Authorities believe the registry will help prevent overloading the power grid and allow better planning of electricity distribution.
Strengthening Control Over Crypto Activities
By linking the registry with tax reporting and energy usage, Russian regulators hope to strengthen oversight of the crypto sector. Officials see this as a step toward reducing illegal mining and ensuring that the crypto industry contributes fairly to the national economy.
This development reflects a growing global trend of governments seeking tighter control over crypto activities,particularly those with high energy demands like Bitcoin mining.
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