The president of the Industrial Mining Association stated that the Russian Treasury will receive a significant multi-million tax revenue from Bitcoin miners.
According to statements made to the Izvestia newspaper by Sergey Bezdelov, president of the Industrial Mining Association, Russian industrial players in the Bitcoin mining sector mined 54,000 BTC last year.
A significant tax revenue incoming?
Bezdelov spoke during a session dedicated to mining at the Eastern Economic Forum in Vladivostok. The leader of the Industrial Mining Association added that, according to their estimates, the digital asset mining sector will bring an annual increase in tax revenue to the Russian Treasury of around 50 billion rubles, equivalent to $560 million.
Bezdelov believes that new investments are on the horizon for large mining companies. This would allow Russian miners to build more facilities and purchase new equipment.
“New investors are coming. New infrastructure investments are coming.”
Bezdelov and other group members reiterated that over 90% of Russian industrial miners focus their efforts on Bitcoin.
New regulations
As of September 1, industrial mining of digital assets is legal in Russia. Only Russian companies and individual entrepreneurs registered in the official operator registry will have the right to mine. Private individuals who do not exceed the energy consumption limits set by the Russian government will be able to mine without being registered in the registry.
The law will require miners to start paying taxes on their earnings. Additionally, miners will be forced to comply with anti-money laundering protocols. The Russian anti-money laundering agency will create a list of suspicious addresses associated with money laundering and terrorism financing.
