Russia’s Ministry of Power has compiled a registry of cryptocurrency mining gear, a step officers say will assist determine mining operations and convey them beneath new regulatory and tax guidelines.
Deputy Power Minister Petr Konyushenko told state news outlet RIA Novosti the listing has been distributed to areas the place mining exercise is excessive.
“The creation of such a register will permit for the exact identification of customers utilizing electrical energy for mining,” Konyushenko mentioned, including that the transfer is a part of an effort to legalize the sector and curb unlicensed electrical energy consumption.
The initiative comes after final 12 months Russia made crypto mining legal within the nation. Underneath the regulation, companies and entrepreneurs should register with tax authorities to function mining services.
Personal residents can mine with out registering, however provided that they keep inside government-set limits for electrical energy use. No matter dimension, all miners should report how a lot digital forex they produce to the tax service.
The transfer is a part of Russia’s broader embrace of the crypto sector. Simply final week, state-owned conglomerate Rostec, identified for its function within the nation’s military-industrial complicated, revealed plans to roll out a ruble-pegged token called RUBx.