Russia Sees Surge in Crypto Miner Registrations, But Many Still Operating Under the Radar

Russia's efforts to regulate cryptocurrency mining have shown promising results, with over 5,500 miners registering with the tax authority since the activity was legalized more than a year ago.

According to the Federal Tax Service (FNS), this number includes both mining enterprises and individuals who are required to declare their assets monthly. However, it's estimated that up to two-thirds of active mining businesses still operate under the radar.

To boost registration numbers, officials have suggested an amnesty for miners who fail to register with the FNS. Harsh penalties, including hefty fines and prison sentences, have also been proposed for those who refuse to comply.