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Russia’s Energy Ministry Considers Mandatory Registry for Crypto Mining Equipment

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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.

BestChange Unclear on Reason for Russia Block, Seeks Resolution with Central Bank

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Cryptocurrency exchange platform BestChange has expressed uncertainty over why its website was blocked by Russia’s communications watchdog, Roskomnadzor. The platform is currently in contact with the central bank to understand the reason behind the block and work on lifting it.

BestChange confirmed that its website, bestchange.ru, had been restricted in Russia, but noted that it was unclear why the ban was imposed. “Unfortunately, we cannot account for the exact reason why this has happened,” the platform said in a statement late Monday. It further added that it was in communication with the central bank to identify the cause and engage with the regulator to resolve the issue.

Roskomnadzor’s official website listed BestChange as a blocked site, and Russian news agency RIA reported that the ban was linked to alleged violations in the financial sector. However, Roskomnadzor did not immediately respond to inquiries seeking more details.

The platform speculated that recent changes in Russian cryptocurrency regulations could be a factor in the restriction, or there could be issues involving an entity using its services. Last year, Russia legalized cryptocurrency mining and introduced taxation measures, expecting to generate up to 200 billion roubles ($2 billion) annually from miners. Although cryptocurrency mining was legalized, certain Siberian regions have faced restrictions to prevent power shortages. Furthermore, Russia has permitted businesses to use cryptocurrencies for international trade, an effort to circumvent Western sanctions that have caused delays in payments. However, a trial period for this new approach has not yet begun.

Sberbank Plans AI Collaboration with China Amid DeepSeek’s Rise

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Sberbank, Russia’s largest bank, is set to collaborate with Chinese researchers on artificial intelligence (AI) projects, a top executive revealed, following the groundbreaking success of China’s DeepSeek AI model. DeepSeek, which has created a highly cost-effective AI model, has shaken up the tech landscape, challenging the dominance of U.S. companies like Nvidia. This move reflects the growing collaboration between Russia and China, which share a “no limits” strategic partnership, particularly in the realm of AI.

Under CEO German Gref, Sberbank has transitioned from its bureaucratic past as a Soviet-era state savings bank into a leader in AI innovation. In 2023, the bank launched its own AI model, GigaChat, and is now focusing on joint research projects with China. Alexander Vedyakhin, Sberbank’s First Deputy CEO, confirmed the plans but refrained from naming specific Chinese research partners. The partnership is expected to strengthen the scientific ties between the two countries, in line with Russia’s broader push to expand cooperation with China in areas such as military AI applications.

DeepSeek’s innovative, low-cost AI models have caused a stir globally, with investors now viewing them as serious competition for U.S. tech giants. The potential Russia-China AI alliance could further disrupt the global AI sector, especially as the race between China and the U.S. for AI supremacy intensifies. The shared vision of Presidents Vladimir Putin and Xi Jinping, who view the West as in decline, could fuel further collaboration in emerging technologies like AI, quantum computing, and synthetic biology.

Despite facing sanctions, Russia is eager to build AI partnerships with China and other BRICS nations to counterbalance U.S. dominance. However, Russia’s own AI progress remains difficult to gauge, as some projects are classified. Additionally, both Russia and China struggle with limited domestic computing power due to sanctions, prompting efforts to seek alternative methods to stay competitive in the AI race.

Sberbank’s comparison of its GigaChat MAX model to DeepSeek’s offerings reveals that while DeepSeek excels in scientific tasks, GigaChat remains competitive in the banking sector. Vedyakhin acknowledged DeepSeek’s success as proof that quality AI models can be built without massive investments in infrastructure, such as the U.S. megaproject Stargate. Sberbank, like DeepSeek, has made most of its AI platforms publicly accessible, including its text-to-image model, Kandinsky, and GigaChat Lite, which reflects a more transparent approach than that of OpenAI, drawing a large community.