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.
The U.S. Securities and Exchange Commission has made it clear it will no longer involve itself in regulating memecoins—tokens often driven by internet culture, hype, and political branding.
Efforts to bring much-needed legal structure to the U.S. digital asset market took a leap forward with the introduction of the Digital Asset Market Clarity Act—a bill designed to lay the groundwork for coherent crypto regulation.
Thailand is preparing to weave digital assets into its tourism and financial infrastructure, starting with a pilot program that would let visitors pay in crypto through card-linked platforms.
Leading voices in the digital asset space are calling on U.S. regulators to break their silence on staking.