Full legalization of mining
Mining is a completely legal business that requires virtually no operating costs or hiring of employees. All processes are carried out and monitored remotely
On August 8, 2024, Russian President Vladimir Putin signed a law legalizing the cryptocurrency mining business in Russia
Registry of miners
The Ministry of Digital Development will maintain a registry of mining operators' clients to ensure transparency and oversight.
For individual entrepreneurs and legal entities
Official mining for legal entities and individual entrepreneurs subject to compliance with requirements and reporting to Rosfinmonitoring.
For Individuals
Individuals may mine cryptocurrency subject to electricity restrictions. Mining is prohibited for individuals convicted of economic crimes.
Market Development
The law promotes the development of the cryptocurrency market, increases budget revenues, and attracts investment.
The influence of the law
How has the law affected the sale and purchase of mining equipment?
Presence of notification (FSB license)
All equipment imported into the territory of the Customs Union must have a notification—an official authorization from the FSB confirming its lawful import and compliance with established requirements.
This notification is mandatory for all modern electronic devices subject to certain restrictions. We have analyzed data from the Eurasian Economic Commission, where you can check the current notifications regarding devices authorized for import.
Payment of Import VAT by the Supplier
To legally import and use equipment within the Russian Federation, the supplier is required to pay the full amount of import value-added tax (VAT) based on the indicative value of the goods. Compliance with this requirement is monitored by the Federal Customs Service (FCS).
Equipment certification
Each device must comply with established quality and safety standards, as confirmed by a certificate of conformity issued by the Eurasian Economic Union (EAEU).
The presence of this certificate guarantees that the equipment meets the requirements of technical regulations and may be used in Russia and other member states of the union.
Business Consulting
We offer the development of strategies to minimize risks and ensure compliance of business processes with new regulations
Registration in the registry
Our team helps you gather and submit the documents required for inclusion in the miner registry; we will see the process through to a successful conclusion in a short amount of time.
Creation of a legal entity
Consulting on choosing a legal structure (sole proprietorship or LLC), preparing and filing documents, registration, opening bank accounts, and selecting business activity codes for mining.
Development of a Contractual Framework
Drafting contract templates for the supply of equipment, hosting services, and partnerships with investors, in compliance with all legal requirements.
Tax Consulting
Assistance with selecting the appropriate tax system, calculating mining income, tax optimization, and advice on reporting.
Bookkeeping
Accounting and tax accounting for mining operations, expense tracking, tax return preparation, and reporting to the Federal Tax Service.
Protection During Inspections
Preparing documents for the Federal Tax Service and the Federal Customs Service, representing clients, responding to inquiries, and assisting with appeals to reduce penalties.