Register of persons engaged in digital currency mining

Main article: Cryptocurrency mining in Russia

2024

FTS launched a service for registering miners

On November 1, 2024, it became known that the Federal Tax Service of Russia launched the MiningRegister service to register companies and individual entrepreneurs engaged in digital currency mining, as well as mining infrastructure operators. Read more here.

Maintenance of the register of miners is transferred from the Ministry of Digital Engineering to the Federal Ministry of Digital Development

On October 18, 2024, it became known that the State Duma Committee on the Financial Market approved amendments to the law on digital currency, according to which the authority to maintain a register of miners of digital currency is transferred from the Ministry of Digital Development of the Russian Federation to the Federal Tax Service (FTS).

According to Interfax, the bill also gives the Federal Tax Service the authority to obtain the identifiers of all orders for the sale of digital currency from miners. This decision is designed to provide more effective control over the movement of cryptocurrency in Russia.

𝓲

Freepik

According to the mining law adopted in the summer of 2024, from November 1, 2024, all companies and individual entrepreneurs engaged in cryptocurrency mining in Russia had to enter a special register that was kept Ministry of Digital Development Russia. Now these functions will go to the Federal Tax Service.

The bill also expands access to information on cryptocurrency transactions for authorities and investigators. In addition to Rosfinmonitoring, the Federal Security Service, the Federal Tax Service and the Federal Property Management Agency, federal authorities, prosecutors, inquiry and investigation bodies, as well as operational-search services will receive access to data.

The initiator of the legislative changes was the Ministry of Finance of Russia. According to the department, the functionality of the Federal Tax Service is most consistent with the tasks established by law in relation to the authorized mining control body. The amendments will come into force on March 1, 2025.^[1]

Creating a Registry

The tasks of creating and maintaining a register of miners are assigned to the Federal Tax Service (FTS) of Russia. This was announced on September 27, 2024 by the Deputy Chairman of the State Duma Committee on Information Policy Anton Gorelkin.

In accordance with the law on the legalization of mining in Russia, which comes into force on November 1, 2024, legal entities and individual entrepreneurs who are in a special "register of persons who mine digital currency" will be able to mine cryptocurrency. It was assumed that the Ministry of Digital Development would keep this register, but the authorities decided to assign the relevant duties to the tax department.

𝓲

Bloomberg

It was decided that the register of miners will be developed and maintained by the Federal Tax Service. This is the right and logical step, since the Federal Tax Service is one of our most high-tech departments. And the department has much more experience working with the cryptocurrency market, as well as with miners than the Ministry of Digital Development, "Gorelkin wrote in his Telegram channel.

Mining is allowed to individuals without inclusion in the register - subject to compliance with energy consumption limits established by the Government of the Russian Federation. As Deputy Finance Minister Ivan Chebeskov noted, if a person works within the limits of individual electricity consumption, then no registration will be required. Exceeding the established standards implies inclusion in the register and payment of taxes. Otherwise, such activities will be declared illegal. According to Chebeskov, amendments to the legislation on liability are being prepared depending on the level of violations.

But I want to emphasize: the task is not to punish someone, but to give the opportunity to engage in mining legally. If there is no desire to act within the framework of the law, then responsibility will come, - said Chebeskov.[2]

Notes