Russian Ministry of Finance officials: Despite the introduction of new laws, 70% of cryptocurrency mining companies remain unregistered

ChainCatcher news, according to Cointelegraph, Russian Finance Ministry official Ivan Chebeskov revealed that despite the introduction of cryptocurrency mining regulations by the end of 2024, 70% of mining companies have not registered with the Federal Tax Service.

The two mining bills implemented by the Russian government in October-November last year require companies to complete registration and clarify legal definitions, but compliance progress has been slow. Chebeskov stated that he would promote the legalization of the remaining mining companies but did not disclose specific measures.

Industry analysts pointed out that the current regulations contain restrictive clauses, such as prohibiting foreign entities from mining in Russia and implementing restrictions in certain regions, and have not truly achieved industry legalization, with the main effect being to improve tax collection management.