If you engage in mining and consume more than 6,000 kWh of electricity per month, you are required to:
But getting into the registry is only half the battle — it’s crucial not to give the FTS any grounds to remove you.
- Register a legal entity or as an individual entrepreneur (IE);
- Be included in the special registry maintained by the FTS;
- Periodically submit reports to the FTS.
But getting into the registry is only half the battle — it’s crucial not to give the FTS any grounds to remove you.
Here’s how to avoid that:
🔹 Comply with anti-money laundering legislation: Conduct financial monitoring and respond promptly to requests from Rosfinmonitoring. We've covered how to meet all requirements with minimal cost in a separate post.
🔹 Ensure the accuracy and completeness of the information submitted to the FTS: This is important both when registering and when submitting regular reports or communicating with tax authorities.
🔹 Adhere to electricity consumption regulations: Be aware of restrictions in specific regions of Russia and carefully review the terms of your contract with the power supply company. Pay special attention to limits on capacity, the maximum number of devices, and permitted uses of electricity — these are among the most common violations.
🔹 Comply with other legal requirements related to mining: Breaching these can also result in being removed from the registry.
Consulting with lawyers who specialize in mining and crypto operations can help minimize risks and free you from having to track ever-changing regulations on your own.
🔹 Comply with anti-money laundering legislation: Conduct financial monitoring and respond promptly to requests from Rosfinmonitoring. We've covered how to meet all requirements with minimal cost in a separate post.
🔹 Ensure the accuracy and completeness of the information submitted to the FTS: This is important both when registering and when submitting regular reports or communicating with tax authorities.
🔹 Adhere to electricity consumption regulations: Be aware of restrictions in specific regions of Russia and carefully review the terms of your contract with the power supply company. Pay special attention to limits on capacity, the maximum number of devices, and permitted uses of electricity — these are among the most common violations.
🔹 Comply with other legal requirements related to mining: Breaching these can also result in being removed from the registry.
Consulting with lawyers who specialize in mining and crypto operations can help minimize risks and free you from having to track ever-changing regulations on your own.