Russian Policymaker Says State Should Seize Crypto From Illegal Miners

Key Points

1. Russian laws require miners using over 6,000 kWh per month to register with the Federal Tax Service, but many avoid paying taxes, especially in regions like Irkutsk Oblast.

2. The proposal aims to deter 'grey' miners by confiscating their coins, which would enhance regulatory oversight of crypto mining activities.

3. Currently, Russian courts can only fine illegal crypto miners, and bailiffs have the authority to confiscate mining equipment.

4. Around 90% of Russian industrial crypto miners focus on Bitcoin (BTC), with some industry officials predicting BTC could reach a new all-time high of $150k.

5. The Russian Public Chamber, a policy-forming body, supports the proposal to seize crypto from illegal miners, arguing it would improve legal compliance.