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New Regulations in Russia Require Miners to Register their Machines
Despite earlier restrictions, the illegal mining activity has continued to thrive in Russia. However, the country’s authorities have taken a step towards tackling this issue by introducing new regulations. According to Nikolai Sulginov, chairman of the State Duma energy committee, the measures implemented so far have not been entirely effective in curbing unlicensed mining.
In an effort to combat the problem, Russia’s Federal Tax Service (FNS) has launched an online platform that allows miners to declare their income. The system enables users with verified electronic signatures to submit information about their digital currency earnings to the tax authorities. This new functionality is designed to help “whiten” activities related to cryptocurrencies.
The updated Russian regulations now categorize digital assets as taxable property. While transactions involving these assets remain exempt from value-added taxes, a 15% tax rate will apply to mining and trading profits. These changes align with the government’s broader strategy aimed at integrating cryptocurrency into the economy.
The surge in demand for industrial-scale mining equipment in Russia has been remarkable, with growth of three times compared to the previous year.
Source: http://www.bitcoinbazis.hu
