The new register forces firms to share the number of coins they mine and the wallets where those assets sit. It also paves the way for the FTS to collect taxes on mining profits.
Industry figures suggest this could swell state coffers by as much as $500 million each year. That estimate comes from Russia’s mining chiefs, who have been lobbying hard for clear rules rather than outright bans.
Before registration was mandatory, many operators kept their rigs under wraps. They didn’t want to risk fines or shutdowns.
As a result, some cities and districts faced sudden blackouts when large-scale setups sucked down more juice than local power lines could handle.
Alexey Nechaev, head of the New People Party, told lawmakers on July 23 that those days are fading fast.
Industrial miners aren’t stopping at ASICs. They poured over $60 million into artificial intelligence projects this year, Nechaev said.
Based on FTS figures, this shift means more tech money stays in Russia instead of flowing out. It’s a sign that serious players see crypto as part of a broader toolkit, not just a standalone business.
Domestic estimates put the country’s 2024 Bitcoin haul at up to 40,000 BTC—around $4.8 billion at today’s prices. That volume underlines how quickly a clear legal framework can unleash growth.
Meanwhile, a top policymaker has urged courts to treat coins as “intangible property” so they can seize assets from illegal miners.
He argues that adding crypto to property laws would strengthen the state’s hand against unregistered operations. If approved, the move could tighten the net around anyone still trying to mine in the grey zones.
For now, Russia’s leaders seem settled on one thing: regulation beats prohibition. By mapping out who’s mining where, Moscow hopes to keep its grids stable, its tax books balanced, and its tech sector growing.
Featured image from Pexels, chart from TradingView
