Russia may need a state-backed cryptocurrency bank to help curb illicit transactions and provide infrastructure for miners to cash out their earnings, according to Evgeny Masharov of the Russian Civic Chamber. Speaking to state media outlet TASS, Masharov suggested that the country could follow Belarus in setting up a crypto exchange service through a major financial institution.

Masharov argued that such a bank would “solve a number of current problems,” including shifting shadow transactions into the legal system, boosting federal budget revenue, and reducing financial channels that might be used for criminal activity. He emphasized that Russia’s crypto sector could be brought further under oversight while still supporting growth.

A bank to support miners and regulation

Russia outlawed crypto payments in early 2022, but its stance has softened as the country seeks alternatives for international trade under sanctions. The government has already allowed financial institutions to offer crypto-based products to accredited investors and even explored the idea of a ruble-backed stablecoin.

Masharov said a crypto bank could also support the mining sector, which currently lacks formal infrastructure for selling mined assets. Although Russia has restricted mining in 10 out of 46 regions due to energy concerns, the industry remains active. A regulated crypto bank, he argued, could also reduce fraud by ensuring all settlements go through official accounts held by Russian citizens.

Earlier this year, Masharov also proposed a state fund for crypto assets confiscated in criminal proceedings, adding to his push for tighter but structured regulation.

A growing industry despite restrictions

Russia’s crypto sector is projected to keep expanding despite regulatory challenges. Market revenues are estimated to reach $2.3 billion in 2025 and $3.9 billion by 2026. User growth is also expected, with more than 44 million Russians projected to hold crypto by the end of 2026 out of a population of 143 million.

Sources:

https://invezz-com.webpkgcache.com/doc/-/s/invezz.com/news/2025/09/11/russia-should-consider-a-crypto-bank-to-support-mining-and-mitigate-fraud-evgeny-masharov/

https://cointelegraph.com/news/russia-could-consider-crypto-bank-combat-fraud-help-miners

https://bitcoinist.com/russian-policymaker-calls-for-national-crypto-bank/