Russia | Crypto

Russia will continue taking measures to encourage crypto mining businesses to register with the tax authority, including imposing bigger penalties for violations. Russia’s cryptocurrency laws have not convinced most mining businesses to register with authorities, as only 30% of the miners have entered the Federal Tax Service Register since late 2024. The Russian government began enforcing two crypto mining-related bills in October and November 2024, introducing legal definitions and registration requirements for mining businesses. Still, 70% of the miners remain underground, Finance Ministry official Ivan Chebeskov said, according to a report by local news agency TASS on Thursday. Read more

Illegal crypto miners operating in Russia could lose their coins and face heavy fines under new rules formulated by the nation’s Ministry of Digital Development, Communications, and Mass Media. The post Russia Set to Fine, Confiscate Coins from Illegal Crypto Miners appeared first on Cryptonews.

Chainalysis has reported Darknet Market crypto revenue down 15% in 2024 to roughly $2 billion, yet Russia has surged. ‘Kraken’ has overtaken rivals, raising income 68% as operators ditch Bitcoin for Monero and channel funds through DeFi to skirt exchange KYC. The post Russia’s ‘Kraken’ Darknet Market Crypto Sales Soar 68% as Global Trade Falls appeared first on Cryptonews.

The co-founder of Telegram-based crypto project Blum, Vladimir Smerkis, is in custody in Moscow over accusations that he committed large-scale fraud, TASS reports. Vladimir Smerkis, a co-founder of the Telegram-based crypto project Blum, has reportedly been arrested in Moscow, Russia, on fraud allegations, amid Blum confirming he is no longer affiliated with the project. The Zamoskvoretsky District Court of Moscow approved a request from investigators to keep Smerkis in custody while he is being investigated, Russian state-owned news outlet TASS reported on May 18. Smerkis — who previously ran operations for Binance in Russia — is suspected of committing fraud on a “large scale,” pursuant to Article 159 of the Criminal Code of the Russian Federation, violations of which can result in imprisonment ranging from two to 12 years. Read more

New Russian Central Bank crypto regulations could effectively outlaw Tether (USDT) trading in the country, experts have explained. The post New Central Bank Crypto Rules ‘Will Ban USDT Trading in Russia’ appeared first on Cryptonews.