Russia Weighs National Cryptobank to Curb Shadow Finance and Boost Revenues

Quick Breakdown 

• Russia is considering the creation of a national crypto bank to regulate the sector.
• The move could legalize shadow settlements worth billions and boost federal revenue.
• A crypto bank would also provide miners with a legal channel to sell mined digital assets .

Calls are growing in Moscow for the creation of a state-backed cryptobank, a move supporters say could channel shadow transactions into the legal economy and bolster federal revenues. The proposal was raised by Evgeny Masharov, a member of the Civic Chamber’s commission on legislative review, who cited Belarus as a regional model for crypto regulation.

🇷🇺 Russia may create its own crypto bank.

Masharov says Russia needs a crypto bank to fight fraud and boost revenue.

This could be huge! pic.twitter.com/eQEh7ahS7E

— Kyle Chassé / DD🐸 (@kyle_chasse) September 11, 2025

Curbing Illicit Finance and Online Fraud

Masharov argued that the absence of a regulated cryptobank has allowed hundreds of billions of rubles in gray transactions to bypass oversight. A state-controlled institution, he said, would redirect these flows into the formal system, shutting down channels used for criminal recruitment and illegal financing.

He also pointed to rampant online fraud, where so-called “droppers” move stolen funds into crypto wallets before laundering them through real estate or luxury purchases. By mandating that deposits run through verified Russian accounts, a cryptobank could cut off these vulnerabilities and tighten state control over digital finance.

Supporting Miners and Expanding Legal Infrastructure

Beyond crime prevention, Masharov noted that a cryptobank could provide miners with a legitimate domestic outlet for selling coins. While Russia has legalized crypto for cross-border trade, infrastructure for miners to monetize assets at home remains underdeveloped.

He cited Belarus’s High-Tech Park, where exchanges and brokers already operate under a regulated framework, as proof that legalizing crypto institutions can drive tax revenues and shift activity out of the shadows. Such a move, he stressed, would align Russia with global trends while reinforcing national security by closing loopholes exploited by foreign intelligence and criminal groups.

Meanwhile, Russians currently hold over $25.4 billion in cryptocurrencies, a figure driven by rising institutional participation. Analysts say the surge underscores the growing role of digital assets in Russia’s financial system despite ongoing regulatory uncertainty,  a trend that may push policymakers to move faster on a national cryptobank. The total value of crypto holdings by Russian investors has reportedly climbed sharply, fueled by both retail and institutional demand.

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