A member of Russia’s Civic Chamber has proposed establishing a national crypto bank to regulate digital transactions, boost revenues, and provide infrastructure for miners.
Push for a regulated crypto institution
Russia could soon consider setting up a crypto-enabled bank to strengthen oversight of digital assets and address concerns over illicit activity. Evgeny Masharov, a member of the Russian Civic Chamber, said the initiative could follow Belarus’ example of launching a crypto exchange service through a major financial institution.
Masharov argued that such a bank would help bring shadow transactions into the legal field, while also replenishing the federal budget’s income and cutting off channels used to finance criminal activities. “A regulated institution would close loopholes exploited by fraudsters and ensure greater transparency,” he said.
Benefits for Russia’s crypto mining industry
The proposal also seeks to address the growing needs of Russia’s crypto mining sector. Currently, miners face limited options to cash out their earnings due to a lack of official infrastructure. Masharov emphasized that a dedicated crypto bank could provide a legal framework for transactions, enabling miners to convert digital assets into fiat currency more securely.
Russia has restricted mining in 10 out of 46 regions since January due to energy concerns, but the sector remains resilient. Industry experts note that mining-related businesses continue to expand, with events like the Blockchain Forum drawing increasing participation from mining firms.
A tool against fraud and illicit financing
Masharov highlighted that settlements within the proposed crypto bank must be carried out strictly through citizens’ bank accounts, ensuring traceability. “At present, most exchangers allow cash to be credited directly to wallets, which creates risks. A crypto bank would provide oversight and eliminate these vulnerabilities,” he noted.
Despite regulatory uncertainty, the Russian crypto market is expected to keep growing. Projections show industry revenue reaching $2.3 billion in 2025 and rising to $3.9 billion by 2026. The number of crypto users could surpass 44 million by 2026, signaling strong demand for clearer regulation and infrastructure.
If adopted, the creation of a state-backed crypto bank could mark a turning point in Russia’s approach to digital assets—balancing innovation with tighter control.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.