Key dealers
- Russia’s crypto sector is still largely unregistered despite new rules.
- The Russian government is considering increasing the fine to maintain compliance with crypto -breaking rules.
Russian Deputy Finance Minister Ivan Chebeskov mentioned Thursday that the country’s mining sector still works largely in the shadows, with only 30% of miners registered with the federal tax service since President Vladimir Putin signed new mining legislation Summer 2024.
Chebeskov, who spoke at the 28th St. Petersburg International Economic Forum (SPIEF), said the goal of introducing mining laws was to provide more openness and supervision to the crypto sector.
“We have not yet completed this process,” said Chebeskov. “This process is still far from complete. Another 2/3 must be” cleaned up “and be included in the register.”
Following the implementation of mining legislation, at the end of last year, the Russian authorities adopted two crypto mining -related billswhich set legal definitions and registration requirements for mining companies.
Despite these measures, 70% of miners continue to operate underground.
Chebeskov indicated that the authorities will work to get the remaining unregistered miners in compliance.
Russia’s Digital Ministry of Development is considering increasing the fine for illegal crypto breaking operations from 200,000 rubles to 2 million rubles ($ 25,500), according to June Forbes Russia Report.
The Russian government has introduced a Prohibition on crypt winding In several regions since January this year in an attempt to deal with energy problems and avoid power shortages. The restrictions will last until mid -March 2031.
