Is Russia’s plan to introduce tax on the energy consumption of crypto miners is part of a broader strategy to regulate the crypto sector?In a bid to regulate the growing cryptocurrency mining industry, the Russian Finance Ministry has announced its intention to introduce a tax on the energy consumption of crypto miners.“Our target remains taxation on profit. This is our long-term goal. We understand that this is, in principle, the correct structure – like everyone else, like any business.
Countries like Kazakhstan, another crypto mining hub due to its cheap energy costs, have taken similar approaches. Kazakhstan first imposed a tax on the energy consumption of miners before introducing broader regulations targeting their revenue. If implemented, the state will fully regulate these platforms, providing a secure environment for crypto trading within Russia’s legal framework.