Russia launches national cryptocurrency mining equipment registration system to combat illegal mining and boost tax revenue

According to a report by Cryptonews cited by Jinse Finance, Russia's Ministry of Energy has begun developing a nationwide registration system for cryptocurrency mining equipment, aiming to combat illegal mining activities and increase tax revenue. This registration system will serve as a central database for all cryptocurrency mining equipment across the country and is being jointly developed by the Ministry of Energy, the Federal Tax Service, and the Ministry of Digital Development. Petr Konyushenko, Deputy Minister of Energy of Russia, stated that the system will help authorities "accurately identify" who is using electricity for cryptocurrency mining, ensure miners comply with relevant laws, and boost tax collection.