Russia’s tightening regulations on cryptocurrency mining have led to a surge in licensing applications, with the tax authorities receiving 150 submissions since November 1, 2024.
Daniil Egorov, head of the Federal Tax Service, stated that the process is just beginning, and more applications are expected. Miners using under 6,000 kWh of energy monthly are exempt from registration, but others must disclose mining assets and wallet information.
While some speculate that Russia may be following China’s lead in restricting crypto, experts believe the government’s goal is to tax the growing digital asset sector. Other countries, like India and Denmark, have also introduced high taxes on crypto.
Russia’s push to regulate mining comes amidst concerns over its energy consumption and may signal a broader shift toward crypto acceptance, similar to El Salvador’s legalization of Bitcoin.
In addition, nations like Bhutan have recently profited from Bitcoin sales, despite not recognizing cryptocurrencies as legal tender. Bhutan’s government wallet now holds over a billion dollars in crypto, bolstered by a recent market rally.
Japan is preparing to dramatically reshape its cryptocurrency regulations, with officials drafting a proposal that would reclassify digital assets and streamline their tax treatment.
In a significant policy shift, the U.S. Federal Reserve has quietly removed reputational risk as a factor in evaluating banks, a move that could make it easier for financial institutions to offer cryptocurrency services without fear of regulatory backlash.
Europe is emerging as the new global crypto hub, propelled by its MiCA regulatory framework, which is attracting investors and platforms alike.
Norway may hit the pause button on cryptocurrency mining later this year. The government announced Friday it will study whether to impose a provisional ban on mining data centers, arguing that energy and grid capacity should be reserved for more pressing needs.