Russia is stepping up its crypto mining regulations, requiring miners to officially report their earnings under Federal Law No. 259-FZ. The Federal Tax Service (FNS) announced on February 3 that miners can now declare their cryptocurrency earnings through their personal tax accounts, making compliance easier and more transparent.
New Reporting Rules for Crypto Miners
🔹 Miners must report their earnings no later than the 20th of the following month after receiving digital currency.
🔹 Both individual miners and businesses can now file reports online using a qualified electronic signature via the FNS’s digital platform.
🔹 Only registered miners and operators listed in the official Register of Miners can legally submit tax declarations.
This new system aims to simplify the reporting process while ensuring that crypto mining remains a regulated activity in Russia.
Who Can Mine, and Who Can’t?
Not everyone is allowed to engage in crypto mining. The Russian government has placed strict limitations to prevent financial crimes and money laundering. The following groups are banned from mining:
Individuals with financial crime convictions or major offenses.
Entities flagged under anti-money laundering (AML) or counter-terrorism regulations.
Businesses that fail to meet Russia’s financial integrity standards set by Federal Law No. 259-FZ.
By enforcing these rules, the government aims to curb illicit financial activities in the crypto sector while allowing eligible participants to mine digital currencies legally.
What This Means for Crypto Mining in Russia
The FNS now oversees all registered miners, ensuring that they comply with taxation laws.
Legal miners must follow the monthly reporting requirements or face penalties.
This regulation is part of Russia’s broader strategy to bring digital assets under official supervision, making them a legitimate part of the country’s financial system.
As Russia tightens its grip on crypto mining, these new regulations mark a significant shift toward a more structured and accountable digital asset industry.
Will these regulations help Russia establish a legal crypto mining sector, or will they push miners underground? The coming months will reveal how the industry adapts.
