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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked…

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July 6, 2025

The Russian Energy Ministry has begun compiling a national registry of crypto mining rigs as it looks to crack down on illegal mining and boost tax revenues.

The state-run newspaper RIA Novosti reported that the ministry is working on the plan with the Federal Tax Service and the Ministry of Digital Development.

The registry, the ministry claims, will serve as a central database of all the equipment used for cryptocurrency mining in the nation.

Crypto Mining Rigs: Russians Must Register Hardware

Russia’s Deputy Minister of Energy, Petr Konyushenko, told RIA Novosti that the ministry has sent its draft document to regions with high levels of crypto mining activity.

Konyushenko said the registry will let Moscow “precisely identify” who in the nation is “using electricity to mine cryptocurrencies.”

This will allow regulators and tax officials to ensure miners are complying with mining-related laws. It will also help boost tax revenues, the ministry claimed. Konyushenko said:

“This is a step toward legalizing the industry and reducing illegal energy consumption.”

While legal crypto mining is on the rise in Russia, so too is the illegal sector. Scores of industrial crypto miners are known to be operating all across the country.

Many use illegal connections to power grids. And others use subsidized power intended for residential households to power their data centers.

The database will require all miners to submit rig serial numbers and device models. They will also have to submit details on other mining-related equipment.

The Energy Ministry and the Industry Ministry first proposed creating a national crypto mining equipment registry back in February this year.

Critics Unsure About Ministry Plans

Government officials said a unified registry of “equipment without which cryptocurrency mining is impossible” was needed.

The idea is not without its vociferous critics. These include the lawmaker Anton Gorelkin, one of the architects of Russia’s crypto mining laws. Gorelkin said it was “unclear how exactly this registry will help combat illegal mining.”

He added that Moscow already has the “necessary tools to identify miners who use electricity illegally.”

Legalize Black-market Rigs, Says Lawmaker

The lawmaker also explained that Moscow needed to focus its efforts on helping miners legalize crypto mining equipment bought using sanctions-evading “shadow schemes.”

This would help miners “legalize” mining rigs they buy on the black market and “quickly add them to the registry,” Gorelkin said.

The media outlet RBC reported that officials (including customs officers) are considering issuing an “amnesty” for crypto miners who have “no other choice” than to buy rigs through underground channels in a bid to evade sanctions regimes.

Earlier this month, police in Sayansk announced they had shut down an illegal crypto mining farm fitted with 240 mining rigs. Officers said the farm was using enough electricity to power 2,000 apartments.

Also this month, police in St. Petersburg said they seized an undisclosed number of crypto mining rigs operating in a warehouse in an industrial zone near the iconic Mitrofanievsky Highway.

The Russian Treasury Ministry and the Bank of Russia will jointly launch a cryptocurrency exchange designed for ultra-qualified investors as part of a broader effort to guide crypto operations into a formal regulatory framework. RBC Report.

“Together with the central bank, we will be launching crypto exchanges for overqualified investors. Cryptocurrencies are legalized, crypto operations are drawn from the shadows. Naturally, businesses are being carried out not within our country but within the framework of an experimental legal system. RBC.

The move follows the proposal that central banks will introduce a three-year experimental legal regime (ELR), allowing select group investors to legally trade cryptocurrencies. This concept centers around a new investor category (qualified investors) defined by strict wealth and income thresholds.

Previously, central banks suggested that this status would be granted to at least 100 million securities or deposits, or to individuals with annual income of over 50 million. However, the Treasury has shown that these requirements are not final.

“Perhaps it is in this format, or these indicators will be adjusted in some way in some way. This is possible. I think there will be a wide range of debates,” said Osman Kabaloyev, deputy director of the department’s monetary policy department.

The initiative has already gained traction among financial institutions. In March, Vladimir Krekoten, managing director of sales and business development at the Moscow Exchange, confirmed that it is ready to commence cryptocurrency-linked derivative trading, saying the platform will “prepare at its maximum level” and can begin operations in 2025.

The St. Petersburg Stock Exchange (SPB Exchange) has expressed similar ambitions. “SPB Exchange supports initiatives aimed at expanding investment opportunities and diversifying strategies for investors. We plan to commence trading in products related to the value of cryptocurrency,” the representative said. RBC Investment.

Some companies view this as a transformative change, while others are skeptical. Igor Danilenko, head of assets management at Renaissance Capital, dismissed Crypto as a viable asset class.

The state-run news agency TASS reported that the ministry is mulling mining bans in the northern part of Karelia (northwestern Russia), the Penza Oblast (over 600km southeast of Moscow), and part of Khakassia, in Southern Siberia.

Russian Energy Ministry: Three More Areas Want Crypto Mining Bans

A spokesperson for Deputy Prime Minister Alexander Novak also confirmed that a government commission is likely to pass a ruling on new mining bans sometime in May.

The same spokesperson also mentioned Khakassia, but did not speak about Karelia or Penza.

On January 1, 2025, Moscow banned mining during the winter months in 10 Russian and Russian-controlled regions, including parts of Southern Siberia and the North Caucasus.

On April 7, Moscow imposed its first year-round ban on crypto mining, outlawing the activity until 2031 in the southern part of the Irkutsk Oblast.

Irkutsk is Russia’s first and most prominent Bitcoin (BTC) mining hub. In the Buryatia and Transbaikalia regions, meanwhile, the government has asked miners to turn off their rigs during peak periods of energy consumption.

Andrey Maksimov, the head of the ministry’s Department for the Development of the Electric Power Industry, confirmed that an “expansion” of the ban was “possible.”

Maksimov said that the government authorities in “several regions” had spoken of their “interest in introducing restrictions.”

However, Maksimov did not specify whether the regions had asked Moscow to impose year-round or seasonal bans.

The official left the door open for Moscow to impose other restrictions, suggesting that the ministry has not decided if further bans truly are the best course of action.

Industrial miners in Karelia, meanwhile, have also suggested that tariffs and increased tax bills could work more effectively than bans.

Industrial Miners Want Taxes and Tariffs, Not Bans

In a separate report, TASS quoted Sergei Maksakov, the chairman of the economics, taxes, and finances committee at the Karelia Chamber of Commerce and Industry, as saying:

“We need some fine-tuning. Categorical methods, like bans, are not the best way. Mining can be limited using differentiated electricity tariffs. We can also partially, perhaps, ask miners to give up their capacities.”

Maksakov added that before changing legislation that affects businesses, Moscow should speak to industrial miners “to reach a consensus.” He concluded:

“The first thing that needs to be done is to discuss these decisions with businesses, not in a narrow circle. And the second issue is regulatory. Economically speaking, we need to ensure that the wolves are fed while the sheep are kept safe.”

The post Russian Energy Ministry May Ban Crypto Mining in Three More Regions appeared first on Cryptonews.

HK Asia Holdings (Hkex: 1723) was soon renamed Moon Inc. and made history as the first public company in Great Fahrenheit to adopt the Bitcoin Treasury strategy. In a recent discussion hosted by Allen Helm Bitcoin for businessesnew CEO John Riggins outlined the company’s pivot, regulatory alignment with Hong Kong, and wider momentum buildings across Asia.

Riggins, a longtime Bitcoin advocate with extensive experience in China and Southeast Asia, explained that the move was driven by both a long-term conviction in Hong Kong and a positive change in regulatory stance. He said the company had been consulting with regulators, open market investors and local partners for several months before implementing the transition.

Originally focusing on SIM cards and prepaid high-tech products, HK Asia Holdings is currently aiming to integrate Bitcoin into both its balance sheet assets and its business model. This includes plans to deploy Bitcoin-related offerings through retail footprints, such as ATMs and prepaid Bitcoin products.

The company’s first steps included the acquisition of 8.88 BTC during the post-acquisition period, followed by a purchase of 10 bTC after the leadership transition was finalized. Its total holdings were acquired at 18.88 BTC, exceeding $1.7 million at the time of its announcement. Riggins said it will proceed according to Hong Kong’s measured but transparent regulatory guidance, but further accumulation is planned.

“We see it as a way to protect our balance sheets and a way to diversify it. Our Treasury Department is looking at how the rest of the world is moving,” Riggins said.

Strategic intentions go far beyond speculation. Riggins has assembled Bitcoin as a hedge against macro uncertainty, as a tool for long-term resilience and a bridge to new global financial infrastructure. He also highlighted how the regional corporate committees are beginning to become seriously involved in ideas, pointing to Japan’s metaplanet and US strategy as a compelling precedent.

Although the adoption of Asian companies Bitcoin is still in its early stages, interest is rapidly growing. Riggins highlights South Korea, Thailand, Malaysia and Indonesia, and it emphasizes it as a market that clarifies the possibility of following. He noted that much of the movement is happening quietly behind the scenes, especially in China.

“I’m more and more filled with messages like government people, people, you know, looking closely for inside information about what’s going on here in this space,” Riggins said.

No formal public moves have been announced by Chinese state entities, but Riggins believes Bitcoin is already held indirectly through government-related organizations, including the state-related investment sector. He suggested that these holdings could be more important than publicly known. As the US moves towards a strategic Bitcoin reserve, he sees China closely and potentially following if global policy momentum continues to change.

Moon plans to expand Bitcoin Holding within Hong Kong’s regulatory framework and serve as a model for other Asian companies exploring similar strategies. The company co-hosted Bitcoin Asia in Hong Kong this August, establishing its position as a regional pioneer and helping to promote the recruitment of a wider range of companies across Asia.

Disclaimer: This content was written on behalf of Bitcoin for businesses. This article is for informational purposes only and should not be construed as an invitation or solicitation to acquire, purchase, or subscribe to any securities. For full transparency, please note that BTC Inc., the parent company of UTXO Management, holds a stake in HK Asia Holdings Limited (1723.HK) in collaboration with SORA Ventures and other entities.