By November 1, all crypto miners in Russia should register their mining gear, in response to state information company TASS. The report additionally states that Rosfinmonitoring, the state monetary watchdog, will develop a centralized database for this objective. In different phrases, unregistered mining will not be doable, guaranteeing that each operation is formally recorded.
This initiative, led by Deputy Vitality Minister Yevgeny Grabchak, is a part of a broader effort to control the sector, significantly in areas the place mining is already banned. In November 2024, authorities prohibited crypto mining in six areas on account of energy shortages, together with some occupied areas of Ukraine, even in areas exterior Russian management. The ban will stay in impact from December 2024 to March 2031.
Alongside the registry, Russia’s Federal Taxation Service (FNS) has launched an internet platform to assist miners report their earnings. Utilizing a professional digital signature, miners can now declare their digital foreign money earnings via their FNS accounts.
A brand new taxation system that President Vladimir Putin signed into regulation on the finish of 2024 got here into drive this 12 months. Miners with earnings of as much as 2.4 million rubles ($23,976) pay a tax of 13% below the brand new guidelines, whereas these incomes extra are taxed at 15%. Furthermore, from the twentieth of every subsequent month, miners should present a report of their earnings for the earlier month.
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