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Cryptocurrency Mining

Accounting and Taxation for Cryptocurrency Mining in Russia

We organise accounting for transactions related to the mining and sale of digital currency. We help record income and expenses, prepare statutory reporting and comply with applicable Russian requirements.

For international businesses already operating in Russia or planning to launch cryptocurrency mining operations here.

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Our key areas of focus

Digital currency
transactions

01

Mining equipment and infrastructure

Accounting tailored to your business processes

Taxes and reporting

02

03

Cryptocurrency mining is a regulated business in Russia — accounting and taxation need to reflect this reality

For cryptocurrency mining operations, standard accounting alone is not enough. Digital currency movements must be linked to underlying data, while income, expenses, equipment and subsequent transactions need to be properly recorded and documented. International companies must also take Russian regulatory requirements and the structure of local operations into account.

We take the time to understand how the client’s business actually operates in Russia — from cryptocurrency mining and infrastructure to subsequent digital currency transactions. Based on this, we build the accounting system around the company’s actual business processes rather than treating accounting separately from its operations.

Our goal is to make transactions clear in the accounting records and supported by appropriate documentation, so that management has a clear financial picture of the business and the Russian entity is prepared for reporting periods and requests from regulatory authorities.

We manage the accounting and tax framework

We bring mining operations, supporting documents and technical data together into a consistent accounting model.

Accounting setup

We review how the cryptocurrency mining business operates, define which data and documents accounting needs, and set up the process for collecting them from the client’s team. Where necessary, we document the accounting treatment of digital currency in the company’s accounting policies.

Digital currency transactions

We collect data on mined digital currency and subsequent transactions and reflect them in accounting and tax records. We maintain analytical records by cryptocurrency, wallet and mining pool.

Expense accounting

We review documents for electricity, equipment, rent, maintenance and mining-pool fees and help compile the supporting documentation. If the company has other business activities, we separate mining-related income and expenses.

Taxes and reporting

We calculate taxes based on the recorded transactions, prepare accounting and tax reporting, and check that the required mining data is complete and available by the relevant reporting deadlines.

Responses to regulatory requests

We prepare supporting documents and accounting data and help explain how digital currency transactions, income and expenses have been reflected in the records.

Accounting review and recovery

We review existing records, reconcile them with wallet and mining-pool data, identify missing transactions or documents, and restore the accounting process for ongoing work.

Do you need an expert advice?

Ask questions and make an appointment by phone

+7 (495) 797-10-99

Call back

or order call our expert

contact@rusoutsourcing.com

More than statutory reporting — we understand how the business works

We understand the specifics

We look at how cryptocurrency mining, infrastructure and digital currency transactions are organised.

We connect transactions and documents

We create a clear data flow from the underlying business transaction to statutory reporting.

We handle non-standard tasks

We build the process around the client’s actual business model rather than applying a standard template.

We speak the language of business

We explain what data is required, where risks may arise and what can be improved in the process.

From understanding the business model to ongoing support

At the start, we define not only the scope of work but also a clear process for exchanging information between your team and our accountants.

Review the business

We clarify the business structure, cryptocurrency mining model, data sources and management requirements.

Define the scope

We identify the relevant transactions and documents, assign areas of responsibility and establish the information exchange process.

Review the data

We analyse the accounting database and supporting documents, reconcile accounting records with wallet and mining-pool data and identify missing information.

Set up the process

We agree on the accounting workflow, timelines and format for working with your team.

Provide ongoing accounting support

We record transactions, monitor supporting documentation, calculate taxes and prepare accounting and tax reporting.