Russian Finance Ministry Official: Despite New Law, 70% of Crypto Miners Are Still Unregistered

Odaily News Ivan Chebeskov, an official of the Russian Ministry of Finance, revealed that although cryptocurrency mining regulations have been issued by the end of 2024, 70% of mining companies are still not registered with the Federal Tax Service. The two mining bills implemented by the Russian government in October-November last year require companies to complete registration and clarify legal definitions, but compliance progress has been slow. Chebeskov said he would promote the legalization of the remaining mining companies, but did not disclose specific measures. Industry analysts pointed out that the current regulations have restrictive clauses, such as prohibiting foreign entities from mining in Russia and imposing restrictions in some areas, and have not truly achieved the legalization of the industry. Its main function is only to improve tax collection and management. (Cointelegraph)