Miners Must Declare Wallets and Income to Tax Authority

Under Russia’s new mining law, all individuals engaged in cryptocurrency mining are now required to register their wallets and earnings with the Federal Tax Service. This rule applies to private miners exceeding 6 kWh consumption as well as officially registered companies. Preliminary data shows more than 14,000 electronic declarations were filed in January–February 2025.

Practically, miners must submit regular reports on the number of coins mined, including wallet identifiers and the hardware they use. Discrepancies or concealed income may result in heavy fines. Experts believe such regulation could enhance market transparency and combat money laundering.

However, industry participants fear potential leaks of confidential information. The tax authority highlights robust safeguards but acknowledges that intensified oversight might push some miners into unofficial channels. Authorities hope that user-friendly online reporting tools will simplify the process and build confidence in the sector.