Evgeny Masharov Pushes for Regulated Crypto Bank in Russia

Written by Aaron S.,

Editor-In-Chief

Last Updated: September 11, 2025

Key Takeaways

A Russian official has suggested creating a crypto-based bank to support miners and reduce illegal digital asset use;
The bank would help bring crypto activity under regulation, which allows better tax enforcement and crime prevention;
Due to mining restrictions and a lack of legal alternatives, many miners currently rely on unregulated crypto exchanges.

Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now! 🔥

BITDEGREE IN YOUR SOCIAL FEED

Evgeny Masharov, a member of Russia’s Civic Chamber, has proposed launching a crypto-based financial institution that could help regulate digital asset activity and support the country’s mining industry.

He made the suggestion in an interview with TASS, a government-backed media outlet, and pointed to Belarus as a country already testing a similar approach.

According to Masharov, such a bank would serve two main goals: reduce illegal crypto transactions and give miners a proper system to convert their earnings into local currency.

What is Chainlink? LINK Explained Simply (ANIMATED)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

He also said this structure would make it easier to trace suspicious activity, enforce taxes, and prevent the misuse of crypto to fund crime. Bringing these operations into the formal banking system would give authorities a better chance of identifying bad actors and controlling high-risk transactions.

Masharov stated that currently, there is no proper system for miners to legally cash out their crypto, which prompts them toward grey-market services.

He proposed that transactions within the bank should be processed in crypto, but that incoming funds should only be transferred through accounts held by Russian citizens.

Masharov also criticized how many private exchangers currently operate. He said:

At present, the main business of crypto exchangers is that cash is credited to the wallet of citizens and a commission is charged for this.

Alexander Lukashenko, the President of Belarus, recently announced plans to expand the country's use of cryptocurrencies and modern financial tools. What did he say? Read the full story.