Russia Begins Building National Cryptocurrency Mining Equipment Registration System to Combat Illegal Mining and Increase Tax Revenue

On July 7, according to Cryptonews, the Russian Ministry of Energy has begun compiling a national registration system for cryptocurrency mining equipment, aimed at combating illegal mining activities and increasing tax revenue.

The registration system will serve as a central database for all cryptocurrency mining equipment in the country and is being jointly developed by the Ministry of Energy, the Federal Tax Service, and the Ministry of Digital Development. Russian Deputy Energy Minister Petr Konyushenko stated that the system will help authorities "precisely identify" who is using electricity for cryptocurrency mining, ensure that miners comply with relevant laws, and increase tax revenue.