Russian Ministry of Finance official: Despite the new regulations being introduced, 70% of encryption mining companies have not signed up.

On June 19, according to Cointelegraph, since the end of 2024, Russia’s cryptocurrency laws have failed to persuade most mining companies to register with the government, with only 30% of mining companies currently entered into the Federal Tax Service registry. The Russian government began implementing two bills related to crypto mining in October and November 2024, introducing legal definitions and registration requirements for mining companies. Nevertheless, Ivan Chebeskov, an official from the Russian Ministry of Finance, stated in an interview that 70% of mining companies remain “underground” and have not completed registration.