Russia is planning to tighten its oversight of cryptocurrency mining to better enforce regional bans and regulate energy consumption. The country’s Ministry of Energy is considering the establishment of a mandatory registry for crypto mining equipment, aiming to track and control its usage nationwide. This initiative is intended to curb excessive electricity consumption linked to mining operations and ensure that mining activities do not take place in regions where they are prohibited.
The proposal was put forward by Deputy Minister of Energy Yevgeny Grabchak and reported by Russia’s state-owned news agency, TASS. According to the Ministry of Energy, the primary goal is to refine legal frameworks for identifying mining activities. The ministry emphasized the need to develop clearer criteria for distinguishing digital currency production from other industrial electricity consumers.
In addition to this regulatory move, Russian authorities are also making it easier for individuals involved in crypto mining to report their earnings. Reports citing Russia’s Federal Tax Service (FNS) indicate that taxpayers engaged in mining businesses can now officially declare their crypto-related income through their personal accounts.
This effort marks another step in Russia’s evolving approach to cryptocurrency regulation. While the country has not outright banned crypto mining nationwide, it continues to refine policies that balance economic opportunities with concerns over energy consumption and financial oversight.
