Russia’s Ministry of Energy has prepared a register of cryptocurrency mining equipment, one step officials say they will help identify mining and bring them under new regulatory and tax rules.
Deputy Energy Minister Petr Konyushenko told state news output RIA Novosti that the list has been distributed to regions where mining is high.
“The creation of such a register allows for the exact identification of consumers using electricity for mining,” said Konyushenko, adding that the move is part of an effort to legalize the sector and slow down unlicensed electricity consumption.
The initiative comes after last year, Russia made crypto mining legal in the country. Under the law, companies and entrepreneurs must register with the tax authorities to operate mining.
Private citizens can be mining without registering, but only if they remain within state boundaries of electricity use. Regardless of size, all miners must report how much digital currency they produce for the tax service.
The move is part of Russia’s wider embrace of the crypto sector. Just last week, the state-owned conglomerate Rostec, known for its role in the country’s military-industrial complex, revealed plans to roll a ruble peg token called Rubx.
