New Crypto Regulations Roll Out
As of September 2, Russian crypto mining players must start registering their operations with a central regulatory body.
They will also be eligible to pay tax on their earnings for the first time at the end of the current financial year.
However, Moscow has yet to decide exactly how miners will be taxed. The Central Bank wants to ensure miners sell their coins for fiat immediately.
It wants to stop them from holding them in crypto wallets until market prices become favorable.
Russia and Malaysia will discuss collaboration in areas from aerospace to advanced technologies on Wednesday https://t.co/PzGz239hdL
— Bloomberg (@business) September 4, 2024
As of November this year, Russian “legal entities and individual entrepreneurs included on a register curated by the Ministry of Digital Development” will be granted “the right to engage in mining.”
Private Russian Bitcoin miners will also be allowed to continue their activities, provided they do not exceed new electricity usage quotas.
Russian Bitcoin Miners to Remain Focused on BTC
Bezdelov and others have previously stated that upwards of 90% of industrial Russian crypto miners focus their efforts on Bitcoin.
Smaller numbers of industrial players reportedly prefer to mine Ethereum (ETH) and high-cap altcoins like Litecoin (LTC).
Earlier this year, Bezdelov said that the Russian Bitcoin mining industry may be set for a $4 billion boost.
However, he warned Moscow not to raise tariffs for crypto miners to prohibitively high levels.