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Tim Alper
Author
Tim Alper
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More than 600 Russian crypto mining firms and mining “infrastructure operators” have registered with the authorities to date, the nation’s Federal Tax Service (FTS) has claimed.
Per an official FTS notice and a report from the Russian media outlet RBC, this number includes 518 miners.
Russian Crypto Mining Firms and Operators Join Tax Register
It also includes 91 other “operators” involved in crypto mining, such as hosting services and data processing centers.
As of November 1, 2024, all crypto mining firms and private “entrepreneurs” who use more than 6,000 kWh of electricity per month must register their operations with the FTS.
While crypto mining is not yet subject to taxation in Russia, Moscow is believed to be putting the finishing touches on a bill that would see miners pay levies on their incomes.
The tax service also used the notice as a “reminder” to “all miners” who use more than 6,000 kWh per month that they “must report monthly on the cryptocurrency they have mined.”
This appears to suggest the FTS thinks that some active Russian crypto miners have not yet signed up to the register.
FTS ‘Calm’ About Registry Process
In late November last year, the FTS said that at least 150 miners had already signed up to its register.
At the time, the FTS chief said that “everything is going quite quietly and calmly” with the registration process. The chief claimed that this was “a good sign.”
The FTS also added that miners signing up to the register will allow players in the sector “to conduct their activities safely.”
Inclusion on the register means the firms must provide the tax body with details on the amount of crypto they have mined “on a monthly basis.”
Miners also have to provide the FTS with further data, including details of their crypto transactions and wallet addresses.
Experts say that the combined revenue of Russia’s biggest crypto mining companies in 2023 amounted to “over 20 billion rubles [currently $223.9 million].”
