Regulating Russian Crypto Mining

Russia’s regulators have revealed how they plan to find and tax cryptocurrency miners as well as license them. This follows their meeting with Russia’s President Vladimir Putin. At the meeting, they agreed to regulate cryptocurrency mining, alongside cryptocurrencies themselves including bitcoin. Last week, the finance ministry proposed creating a registry of crypto miners.

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Regulating Russian Crypto Mining
The head of the Committee on Financial Markets Anatoly Aksakov told the radio station Says Moscow on Thursday that cryptocurrency miners will be registered and taxed via electricity consumption, the station detailed. To identify miners, he explained:

If we talk about mining, then this is a large consumption of electricity, it is obvious that it is not difficult to track. I do not see any problems here.