Russia launches crypto mining equipment registry to curb illicit activity

Russian Ministry of Energy introduced nationwide register Bitcoin Mining equipment for recovery of tax regulations and restrictions on unauthorized activities.

According to a message From Rio Novosti, the initiative has been the result of coordinated efforts between the Ministry of Energy, the Federal Tax Service and the Ministry of Digital Development.

The authorities began to distribute the register to regions with significant mining activities. Its main objective is to identify electricity operators for crypto mining and undergo them properly regulatory and tax supervision.

Deputy Minister of Energy Petr Konyushenko said that this step aims to formalize this industry and at the same time limit illegal energy consumption. He added that the register will serve as a tool for monitoring miners who currently operate in the shade.

According to official estimates, only about 30% of the crypto of miners in Russia registered their activities. This leaves a significant part – disturbed 70% – within reach of existing regulations despite the ground pressure to make the sector under control.

The register is governed by the announcement of the Ministry of Energy at the beginning of this year. At that time, Deputy Minister YEVGENY GRABCHAK said a new system would increase transparency and improve the mining landscape. Its aim is also to reduce illegal mining that has proved to be difficult to suppress even after Russia introduces and nationwide framework in 2024.

Despite this effort, challenges remain. The Federal Government imposed a six -year ban on crypto mining in ten regions fighting electricity deficiency.

However, the enforcement gaps persist, causing further measures such as this register.

Although the aim of the register is to tighten controls, concerns persist over the inclusion of the addresses that some experts warn, may pose security risks.

Russian legislator Anton Gorelkin fears The fact that contradictory nations could use the register for access to the wallet addresses, which could lead to undesirable geopolitical consequences, including sanctions focused on these addresses.