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Russian Civic Chamber member Evgeny Masharov has proposed creating a crypto bank through a major financial institution to combat fraud and support the country’s mining industry.
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The move reflects Russia’s shifting stance on digital assets, with the local crypto market projected to generate $3.9 billion in revenue by 2026.
Russia may soon explore launching its own crypto-enabled bank, aimed at curbing illicit activity while supporting the country’s growing mining sector. The proposal comes from Evgeny Masharov, a member of the Russian Civic Chamber, a government oversight body that reviews draft laws.
Speaking to state-owned news outlet TASS on Tuesday, Masharov suggested that Russia should follow the example of Belarus by introducing a crypto exchange service through a major financial institution.
He argued such a move would address “a number of current problems,” including bringing shadow transactions into the legal economy, replenishing federal revenues, and blocking channels used to finance crime and extremism.
A Shift in Russia’s Crypto Stance
Russia has historically taken a cautious stance toward digital assets. In early 2022, it banned the use of cryptocurrencies for payments. However, faced with international sanctions after its invasion of Ukraine, the country has gradually opened up to the sector.
This year, authorities permitted financial institutions to offer crypto products to accredited investors and floated the idea of launching a ruble-pegged stablecoin.
Masharov’s latest proposal reflects this gradual shift, suggesting that a regulated crypto bank could serve as a cornerstone for managing digital assets while providing oversight to reduce fraud.
Settlements in the said bank must be made in cryptocurrencies, and funds must be credited only through the current accounts of Russian citizens, he explained.
Boosting the Mining Industry
The proposal could also provide much-needed relief for Russia’s crypto miners, who currently lack structured infrastructure to cash out their earnings. Despite restrictions, including a six-year mining ban in 10 of Russia’s 46 regions and seasonal curbs in key areas, mining activity remains strong.
Local industry figures such as Prostomining’s Vyacheslav Kopylov have emphasized that the sector continues to thrive, with mining businesses taking a growing role at events like the Russian Blockchain Forum.
A crypto bank could therefore serve as a regulated outlet for miners, potentially strengthening one of Russia’s most resilient crypto-related industries.
Fighting Fraud and Shadow Markets
Masharov highlighted the risks of unregulated crypto activity, noting that current exchangers often rely on cash deposits with added commissions, creating opportunities for fraud and shadow transactions. A state-backed crypto bank, he argued, could streamline oversight and bring transparency to the sector.
His suggestion builds on earlier proposals, including the idea of a government fund that would manage crypto assets confiscated through criminal proceedings.
Despite regulatory uncertainty, Russia’s crypto industry continues to expand. Revenue is projected to reach $2.3 billion in 2025, climbing to $3.9 billion by 2026. The number of Russian crypto users is also expected to exceed 44 million by 2026.
If Masharov’s proposal gains traction, Russia could be one step closer to merging digital assets with its formal banking system, a move that may reshape how crypto is integrated into the nation’s economy.
