Russia’s Federal Tax Service (FNS) has reported that more than 5,500 cryptocurrency miners have officially registered since mining was legalized on November 1, 2024.
The figures mark a significant step toward formalizing a sector that previously operated in a legal grey zone, though authorities estimate that a majority of mining activity still remains outside official oversight.
Who Has Registered
According to the FNS, approximately 1,500 companies and sole proprietors have entered the official mining register. In addition, around 4,000 private individuals are now regularly declaring their mined digital assets through the tax authority’s reporting system.
Despite this progress, officials estimate that roughly two-thirds of active mining operations in Russia continue to operate without formal registration, effectively remaining under the radar.
New Compliance Requirements
The legalization framework introduced several mandatory obligations for participants.
Registered miners must submit monthly production reports detailing the type and quantity of cryptocurrency generated. Private individuals are exempt from full registration only if their electricity consumption used for mining stays below 6,000 kWh per month.
Miners are also required to disclose the number and technical specifications of their mining equipment, adding another layer of oversight to the sector.
Tax Structure
Under legislation effective for 2025–2026, cryptocurrency is classified as property. Corporate miners face a 25% tax on profits, with allowable deductions for expenses. Individuals are subject to income tax rates between 13% and 15%. Mined digital assets are currently exempt from value-added tax (VAT).
Stricter Enforcement in 2026
Authorities have signaled tighter enforcement beginning in 2026. Large-scale illegal mining operations could face penalties of up to five years in prison.
Mining is banned in 10 to 12 regions to protect energy infrastructure, and the FNS has already initiated bankruptcy proceedings against industry leader BitRiver over alleged tax compliance issues.
The data highlights Russia’s effort to bring crypto mining into a regulated framework, while enforcement measures indicate that authorities intend to close the remaining compliance gap.
