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Russia may soon consider establishing a Russia crypto Bank to regulate digital asset transactions, support miners, and tighten oversight on illicit financial flows. Evgeny Masharov, a member of the Civic Chamber which is an advisory body that reviews draft legislation told state-run news agency TASS on Tuesday that the initiative could mirror Belarus’ state-led crypto exchange services.
Masharov argued that a Russia crypto Bank could “solve a number of current problems,” including the legalization of shadow transactions, replenishing federal revenues, and shutting down “channels for financing and recruiting our citizens to commit serious crimes.”
The proposal comes at a time when Moscow, under sweeping Western sanctions, is exploring new ways to sustain cross-border trade. While payments via crypto remain banned since early 2022, regulators have gradually eased their stance, permitting accredited investors to access crypto products and discussing a ruble-pegged stablecoin earlier this year.
One of the strongest cases for a Russia crypto Bank, Masharov noted, lies in its potential support for the domestic crypto mining industry. Despite restrictions introduced in January that banned mining in 10 out of 46 regions and imposed seasonal limits to manage energy demand, Russia remains one of the world’s largest crypto mining hubs.
Currently, miners face limited options for cashing out their earnings. A Russia crypto Bank could provide a legal channel for converting mined assets into fiat under state supervision.
“Settlements in the said bank must be made in cryptocurrencies, and funds must be credited only through the current accounts of Russian citizens,” — Evgeny Masharov, Civic Chamber, told TASS.
Industry voices have echoed the demand for more infrastructure.
“Despite restrictions, Russia’s crypto mining sector continues to thrive, and we are seeing greater representation of mining firms at national blockchain forums,” — Vyacheslav Kopylov, Representative, Prostomining, told Cointelegraph in June.
Beyond mining, Masharov insisted a Russia crypto Bank could address the country’s growing concerns about fraud. He criticized existing private crypto exchangers, where “cash is credited to the wallet of citizens and a commission is charged,” arguing this opaque system enables scams and criminal activity.
“A regulated Russia crypto Bank would allow oversight of all transactions and ensure compliance with national laws,” Masharov said. The Civic Chamber member has previously suggested launching a government-controlled crypto fund, seeded with assets seized in criminal proceedings, as another way to bring transparency to the sector.
The initiative aligns with Moscow’s broader push to tighten financial surveillance and limit capital flight, especially as sanction pressure has intensified since the invasion of Ukraine in 2022.
Despite regulatory uncertainty, the Russian crypto industry is expanding. According to recent market projections, total revenue could reach $2.3 billion in 2025 and rise to $3.9 billion by 2026. User adoption is also expected to grow sharply, with more than 44 million Russians nearly one-third of the population engaging in digital assets by 2026.
For policymakers, the growth potential underscores why a Russia crypto Bank is gaining traction. It represents not only a tool for budget replenishment but also a mechanism to integrate crypto into the formal economy under tighter state oversight.
“Russia cannot afford to ignore the scale of digital finance,” said a Moscow-based financial analyst familiar with the discussions. “A Russia crypto Bank would give the government leverage to control risks while benefiting from the sector’s growth.”
The plan has yet to advance into formal legislation, but Lukashenko’s Belarusian model where state-backed crypto exchanges handle cross-border settlements may provide a template. With sanctions continuing to restrict Russia’s access to global banking, momentum for such a bank could accelerate.
Whether the proposal materializes will depend on balancing political priorities with regulatory design. For crypto investors and miners in Russia, the establishment of a Russia crypto Bank could transform the market from a patchwork of informal exchangers into a state-supervised financial system, reshaping how digital assets are transacted and taxed.
