Despite new laws, Russia is struggling to bring underground crypto miner to light
Russia's attempt to formalize his crypto mining sector fails, as most miners decide to stay in the shadow economy despite new regulations.
Since the introduction of laws at the end of 2024, the mining companies oblige the federal tax service to register, according to the Ministry of Finance Ivan Chebeskov, only about 30% of this obligation fulfill.
The authorities had hoped that legislation would ensure more transparency and legal recognition of the industry, but compliance with the regulations is still low. Tschebeskow admitted this gap and explained that the government would continue to work on integrating the remaining 70% into the legal framework. Meanwhile, the authorities are considering stricter punishments, including an increase in fines for illegal mining from 200,000 rubles to 2 million rubles.
The efforts to enforce have already been intensified. The police recently closed an unauthorized company in Bataysk and uncovered another mobile system that has tapped electricity in the Pribaikalsky region.
Critics argue that the law is not a real legalization, but primarily serves as an instrument for taxation. Analysts have also expressed concerns about the restrictions for foreign participations and the restrictions on the operating restrictions in certain areas. Despite the obstacles, the mining sector grows in Russia, driven by low electricity costs and the growing interest of foreign companies, especially from China.
Events such as the Moscow Blockchain Forum have an increasing participation of mining service providers, which reflects the growing infrastructure and the increasing investments in this sector. Despite legal uncertainties, mining in Russia is developing into a full -fledged industry.
Despite new laws, Russia is fighting to get illegal cryptomine from the underground
