Current State of Cryptocurrency Mining in Russia
As of early 2025, a significant majority of cryptocurrency miners in Russia have yet to comply with newly established regulations. Only 30% of operators have registered with the Federal Tax Service since the introduction of two key mining bills in late 2024. These legislative measures, implemented in October and November, defined legal frameworks for mining operations and mandated registration amongst businesses in the sector. Despite these efforts, a staggering 70% of miners continue to operate outside the legal system.
Government’s Response and Future Plans
“Our aim with the mining regulations was to transition this sector out of obscurity,”
emphasized Ivan Chebeskov, a representative from the Finance Ministry, in a recent statement to the TASS news agency. He acknowledged that the objective to legitimize the mining industry remains incomplete.
The Ministry of Finance plans to intensify efforts to persuade unregistered miners to comply with legal requirements. While specific future initiatives have not been disclosed, previous discussions indicated the possibility of imposing harsher penalties on those who continue to mine illegally. A report from Forbes Russia noted that legislation is being considered to elevate fines for unauthorized mining activities from the current 200,000 rubles (approximately $2,550) to as much as 2 million rubles (around $25,500).
Enforcement Actions Against Illegal Mining
On the enforcement side, recent actions have targeted illegal operations directly. Authorities in the Rostov region reported the closure of an illicit mining site located within a garage complex in Bataysk. Police seized 13 cryptocurrency mining rigs during the operation, leading to the initiation of a criminal case under Article 165 of the Russian Criminal Code, according to statements from the Ministry of Internal Affairs.
Critique of the New Regulations
Market analysts have critiqued the newly instated cryptocurrency mining laws, suggesting they fell short of achieving true legalization of the industry. Nikita Zuborev, chief analyst at BestChange, pointed out that while the regulations lay groundwork for more accurate taxation, they do not significantly clarify the legal landscape for miners. Legal experts have also noted that the revisions include several restrictive measures, such as barring foreign nationals from participating in mining activities and imposing specific bans in distinct regions of the country.
