Russia, which has been on the agenda with its new bans on Bitcoin and cryptocurrency mining, has made a new move and is making it mandatory to register crypto mining equipment. The Russian Ministry of Energy plans to implement a mandatory registration system for cryptocurrency mining equipment in order to prevent and detect unregistered mining operations, The Block reported, citing TASS news. The initiative, led by Deputy Minister Yevgeny Grabchak, aims to regulate local mining, especially in regions where mining is restricted. The Russian government recently approved a ban on cryptocurrency mining starting in 2025 and announced the regions where the bans will apply. Accordingly, cryptocurrency mining will be completely banned in 10 Russian regions for six years, starting January 1, 2025. The ban is planned to be valid until March 15, 2031. In addition to this mandatory registration system, the Federal Tax Service (FNS) also announced today that it has launched an online system that will allow miners to report their earnings, following a tax framework approved by President Vladimir Putin. Under the tax framework approved by Putin, miners earning up to 2.4 million rubles ($23,976) would face a 13% tax, while miners exceeding that threshold would face a 15% tax. Related News: Russia Bans Bitcoin and Cryptocurrencies for Six Years! *This is not investment advice. Continue Reading: Russia Announces Its New Move Concerning Bitcoin (BTC) and Cryptocurrencies! "Things Are Getting Tougher!"
