- The Federal Tax Services has introduced a service for putting data into the register of miners in the last month.
- Crypto mining is legal in the Russian Federation, provided that details regarding the assets gained and the addresses of crypto wallets are given to the Federal Tax Services (FTS).
- Crypto mining will be restricted in some regions of the Irkutsk Region, Buryatia, and the Zabaikalsky Krai, but it will not be permanent.
The government of Russia has approved the proclamation that suggests banning crypto mining in 10 areas from January 1, 2025, until March 15, 2031, as per the reports by TASS. The ban is a result of energy concerns and adds some limitations in prime mining areas to avoid power blackouts.
It also targets areas with restricted energy resources or those extremely dependent on seasonal energy supplies. These rules show an increasing effort by the policymakers of Russia to control the energy-intensive crypto sector.
The restricted areas
The government of Russia is imposing a ban on virtual currency mining, comprising engagement in mining pools, in regions such as Dagestan, Ingushetia, Kabardino-Balkaria, Karachay-Chaerkessia, North Ossetia, Chechnya, Donetsk and Lugansk People’s Republics and Zaporizhia and Kherson areas, as mentioned in the decision.
Crypto mining will be restricted in some regions of the Irkutsk Region, Buryatia, and the Zabaikalsky Krai, but it will not be permanent and will be imposed only at the time of peak energy consumption.
As per the report, the record of regions as well as territories is not final yet. The chances of changes are still there based on the judgments of the government commission on the matter of electric power development.
FTS’s new service
The motto of such limitations is to perpetuate the balance of energy consumption considering the demands of the sector. Crypto mining is legal in the Russian Federation, provided that details regarding the assets gained and the addresses of crypto wallets are given to the Federal Tax Services (FTS).
The Federal Tax Services has introduced a service for putting data into the register of miners in the last month stating that it is necessary for sole entrepreneurs and legal bodies. Individuals can get virtual currency within 6 thousand kWh per month.
At the beginning of this month, it appeared a group of Russian academics had evolved an AI solution that can discover illegal crypto mining operations. The solution is an innovative world first and will let power firms combat illegal mining.
As per the reports, the solution was developed by St. Petersburg State University. Its plans called illegal crypto mining one of the critical problems now fronting Russia’s energy system.
