Russia Creates Registry of Crypto Mining Equipment to Tighten Oversight

Russia’s Ministry of Energy has compiled a registry of cryptocurrency mining gear, a step officers say will assist establish mining operations and convey them underneath new regulatory and tax guidelines.

Deputy Energy Minister Petr Konyushenko instructed state information outlet RIA Novosti the listing has been distributed to areas the place mining exercise is excessive.

“The creation of such a register will allow for the precise identification of consumers using electricity for mining,” Konyushenko said, adding that the move is part of an effort to legalize the sector and curb unlicensed electricity consumption.

The initiative comes after last year Russia made crypto mining legal in the country. Under the law, businesses and entrepreneurs must register with tax authorities to operate mining facilities.

Private citizens can mine without registering, but only if they stay within government-set limits for electricity use. Regardless of size, all miners must report how much digital currency they produce to the tax service.

The move is part of Russia’s broader embrace of the crypto sector. Just last week, state-owned conglomerate Rostec, known for its role in the country’s military-industrial complex, revealed plans to roll out a ruble-pegged token referred to as RUBx.