The Federal Tax Service of Russia to Develop and Maintain a Register of Cryptocurrency Miners

The Federal Tax Service (FTS) of the Russian Federation will be responsible for the development and maintenance of a register of cryptocurrency miners. This decision was made to strengthen control and regulation in the field of digital currency mining.

Experts consider this step correct and logical, given the high technological level of the FTS. The agency possesses significant experience working with the cryptocurrency market and miners, placing it in a more advantageous position compared to the Ministry of Digital Development, Communications, and Mass Media (MinTsifry).

“The FTS is one of the most high-tech government bodies in Russia. They have all the necessary resources and competencies for effective maintenance of the miners’ register,” industry specialists note.

Transferring the functions of maintaining the miners’ register to the FTS will enhance transparency and legality of operations in the mining sector, as well as improve interaction between the state and market participants. It is expected that this decision will become an important step toward the development and regulation of the cryptocurrency industry in Russia.

Previously, the possibility of transferring this function to the Ministry of Digital Development was discussed. However, the decision was ultimately made in favor of the FTS due to its technical capabilities and experience in this field.