Russia promotes the regulation of cryptocurrency mining, proposing 'equipment amnesty' to guide the legalization of the gray industry
Recently, a core advisor involved in legislation in Russia publicly called for an amnesty for miners using hardware from illegal sources to address the current situation where over 60% of mining activities remain in the 'gray area'.
This proposal directly targets the pain points of the existing regulatory system. Although Russia has legalized cryptocurrency mining in 2024 and established equipment registration and tax systems, progress has been slow.
Advisor Oleg Ogienko pointed out that the lack of amnesty provisions for illegally imported equipment has hindered most market participants from proactively registering with the state.
Currently, only about 150 infrastructure operators and 1300 entities nationwide have completed registration, and many miners choose to remain hidden due to concerns about the source of their equipment.
It is worth noting that a large number of mining farms in Russia are concentrated in areas with cheap electricity, such as Siberia, which has led to the local power grid being overwhelmed and prompted more than ten regions to issue mining bans.
Incorporating miners into regulation through amnesty policies is a necessary prerequisite for obtaining accurate data, achieving precise governance, and fundamentally alleviating the energy crisis.
In summary, the determination of the Russian Federal Government to regulate the cryptocurrency mining industry, along with its support for local actions against illegal mining, demonstrates its emphasis on the normalization of the industry.
The amnesty proposal serves as a key measure to balance regulation with industry development and to promote the conversion of the vast shadow economy into legal tax revenue, and its subsequent development will profoundly impact the future landscape of Russia's digital economy.