The Russian Treasury will receive a substantial multi-million-dollar tax revenue from Bitcoin miners, according to the president of the Industrial Mining Association.
Russian industrial actors in the Bitcoin mining sector mined 54,000 BTC last year, according to remarks made to the Izvestia newspaper by Sergey Bezdelov, president of the Industrial Mining Association.
Bezdelov addressed the Eastern Economic Forum in Vladivostok during a mining-focused session. The Russian Treasury will experience an annual increase in tax revenue of approximately 50 billion rubles, which is equivalent to $560 million, according to the Industrial Mining Association’s leader.
For major mining companies, Bezdelov anticipates that new investments are imminent. This would enable Russian producers to construct additional facilities and acquire new equipment.
“New investors are on the horizon. New infrastructure investments are imminent.” Bezdelov and other members of the organization emphasized that Bitcoin is the primary focus of over 90% of Russian industrial miners.
Industrial mining of digital assets is now permissible in Russia as of September 1. The right to mine will be granted exclusively to Russian corporations and individual enterprises who are enrolled in the official operator registry. Private individuals who adhere to the energy consumption restrictions established by the Russian government will be permitted to mine without the need to register with the registry.
The law will mandate that miners begin paying taxes on their earnings. Furthermore, miners will be required to adhere to anti-money laundering protocols. In order to combat money laundering and terrorism financing, the Russian anti-money laundering agency will compile a list of suspicious addresses.
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