Russian Finance Ministry Official: Despite New Legislation, 70% of Crypto Mining Companies Remain Unregistered

According to Cointelegraph, Russian Ministry of Finance official Ivan Chebeskov revealed that despite the introduction of cryptocurrency mining regulations at the end of 2024, 70% of mining companies have yet to register with the Federal Tax Service.

Two mining bills implemented by the Russian government in October and November last year require companies to complete registration and clarify legal definitions, but compliance has been slow. Chebeskov stated that efforts will be made to legalize the remaining mining companies, though he did not disclose specific measures.

Industry analysts pointed out that the current regulations contain restrictive provisions, such as prohibiting foreign entities from mining in Russia and imposing restrictions in certain regions. Furthermore, the regulations have not truly legalized the industry, serving mainly to improve tax administration.