Russian Tax Authority to Oversee Miners’ Registry

The Federal Tax Service of Russia (FTS) will be responsible for developing and maintaining a registry of cryptocurrency miners. This was announced by Deputy Anton Gorelkin on his Telegram channel.

The establishment of the registry is a component of the legislative regulation of mining. Besides the tax authority, the Ministry of Digital Development, Communications and Mass Media of Russia was also considered as a potential governing body.

“This is a correct and logical step, as the FTS is one of our most technologically advanced agencies. It has much more experience working with the cryptocurrency market and miners than the Ministry of Digital Development,” explained Gorelkin.

The regulation concerning the miners’ registry will come into effect on November 1, 2024. Inclusion in the registry will be mandatory for Russian legal entities and individual entrepreneurs wishing to mine cryptocurrencies on an industrial scale. This requirement does not apply to individuals who adhere to government-established energy consumption limits.

This initiative aims to combat unscrupulous market participants.

In the near future, the regulator will need to determine the set of information to be provided by miners, as well as measures to protect this information. Among the options is to make the registry closed.

Back on July 30, the State Duma of Russia passed a bill on the regulation of cryptocurrency mining in the country in its second and third readings. The main provisions of the document came into force on September 1.