Russia | ForkLog

ForkLog 31 22.11.2024

Bank of Russia Releases Report on Real-World Asset Tokenization

The Bank of Russia has unveiled a report dedicated to the specifics of tokenizing real-world assets (RWA). According to the regulator, converting geographically tied assets into a digital format enhances their potential by increasing liquidity and making them more accessible to a broader range of investors. The central bank noted that globally, attitudes towards tokenization […]

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ForkLog 7 21.11.2024

Russian Finance Minister Yet to Embrace Cryptocurrency Wallet

Anton Siluanov, Russia’s Finance Minister, has expressed interest in acquiring cryptocurrencies but has yet to take any steps in that direction. The official made this statement in an interview with the television channel Russia-24. “I’m interested, but I don’t have a crypto wallet,” he said. Previously, Siluanov highlighted volatility as the main risk of using […]

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ForkLog 17 20.11.2024

Challenges of Cryptocurrency Mining Bans in Russian Regions

The prohibition of legal cryptocurrency mining in Russian regions is likely to increase the risk of some miners turning to illegal activities, according to experts cited by TASS. Sergey Sasim, Director of the Centre for Research in Electric Power at the National Research University Higher School of Economics, described the government’s proposed restrictions as a […]

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ForkLog 72 18.11.2024

Regions in Russia with the Most Affordable Cryptocurrency Mining

The Irkutsk region, Khakassia, and Dagestan offer the lowest electricity tariffs in Russia, making them the most cost-effective areas for cryptocurrency mining. These calculations were provided by the rating agency ACRA. Analysts referred to the government-set energy consumption limit for individual miners at 6000 kWh, which does not require registration with the FTS. In the […]

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ForkLog 8 16.11.2024

Russia Recognises Digital Currencies as Property for Tax Purposes

On Friday, November 15, the Russian government approved amendments to the draft law on mining, regulating the taxation of cryptocurrency. Digital currencies have been recognised as property for taxation purposes. Income in the form of cryptocurrencies obtained through mining will be accounted for at market value at the time of receipt. However, these can be […]

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ForkLog 7 15.11.2024

Russia to Impose Cryptocurrency Mining Ban in Select Regions Until 2031

Russia’s Ministry of Energy has proposed a ban on cryptocurrency mining in several regions from December 1, 2024, to March 15, 2025, with the possibility of extending the restrictions. This was reported by Kommersant. The list of federal subjects includes cities and districts in the Irkutsk region, Buryatia, and the Trans-Baikal Territory. After March 15, […]

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ForkLog 7 12.11.2024

Russia’s Proposed Cryptocurrency Tax: Experts Weigh In

Participants in the crypto market require a clear taxation mechanism for asset trading, but high rates could stifle innovation. Authorities will struggle to monitor individual transactions until Russian exchanges are established. The crypto community is unclear about how much, to whom, and why they should pay. In Russia, work has resumed on a bill concerning […]

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ForkLog 17 12.11.2024

Russia Approves Tax Provisions for Bitcoin Transactions

On November 11, a government commission approved a draft amendment concerning the taxation of cryptocurrency transactions, as reported by Izvestia. The original document was prepared in 2020 and passed its first reading in February 2021. Work on it resumed following the implementation of mining regulations. Key Figures The bill designates digital currency as property and […]

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ForkLog 14 07.11.2024

Samara Authorities Seize 371 Bitcoin Miners from Local Enterprise

Police in Samara have shut down an illegal cryptocurrency mining operation located on the premises of a local enterprise, according to a report by the regional Ministry of Internal Affairs on their official page. Investigators revealed that the enterprise’s director, along with unidentified accomplices, purchased cryptocurrency mining equipment and installed it in rented premises on […]

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ForkLog 11 04.11.2024

Russia Issues First Conviction for Cryptocurrency Fraudsters

On November 1, the Smolninsky District Court of St. Petersburg found the director and three coaches of the “Escada Asset Management Business School” guilty of fraud, having stolen over 55 million rubles from citizens. This was reported by Kommersant. According to the case materials, the organization operated from January 2019 to April 2020. Robert Aloyan […]

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ForkLog 19 02.11.2024

Russia Imposes Energy Consumption Limit for Individual Miners

The Russian government has set requirements for miners and infrastructure operators involved in the extraction of digital assets, as reported by Interfax. The monthly energy consumption limit for individual miners without sole proprietorship status is 6000 kWh. Exceeding this limit necessitates registration as a sole proprietor to be included in the registry. Entities may be […]

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ForkLog 27 01.11.2024

Russia Launches Miner Registry

As of November 1, Russia has implemented a regulation establishing a miner registry under the Federal Tax Service. Deputy Anton Gorelkin shared details about the compilation of this list. The Federal Tax Service will effectively create two lists: individuals directly engaged in mining and operators of mining infrastructure who provide facilities for extraction. Only Russian […]

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