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Although crypto mining isn’t yet taxed, the Russian government is drafting laws to impose taxes on miners’ incomes.
More than 600 Russian crypto mining firms and infrastructure operators have now registered with the country’s Federal Tax Service (FTS), based on an official report. This includes 518 miners and 91 other operators, similar to hosting services and data centres. By November 2024, all mining firms using over 6,000 kWh of electricity per 30 days will probably be required to register with the FTS.
Although crypto mining isn’t yet taxed in Russia, the federal government is preparing a bill that may impose levies on miners’ incomes. The FTS has also reminded miners using over 6,000 kWh monthly to report the cryptocurrency they’ve mined, signalling that some have yet to comply.
The registration process has been described as running easily, with FTS officials stating that miners signing up would ensure safer operations. The register also requires firms to report detailed information, including their mined crypto, transaction data, and wallet addresses.
Experts estimate that the highest Russian crypto mining corporations generated over 20 billion rubles in revenue in 2023, amounting to roughly $223.9 million.
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