Russia marks end of a year that proved a turning point for its crypto policy

Crypto users in Russia are bidding farewell to 2025, the year that brought a significant shift in Moscow’s mood regarding cryptocurrencies.

In the last 12 months, Russians saw the attitude of their financial regulators gradually change, laying the ground for comprehensive regulation that’s coming in 2026.

It all began with legalizing Bitcoin mining

Actually, the wind of change started blowing in late 2024, when Russian authorities regulated cryptocurrency mining, making it the first legally recognized crypto activity in the country.

The government wanted to tap into the profits of the growing industry, which has been exploiting Russia’s competitive advantages in this field.

Abundant and cheap energy resources, as well as cool climatic conditions, have made Russia a major player in this market over the past few years.

And while the increasing concentration of mining operations in areas offering low electricity rates created some headaches and was met with regional restrictions, the industry continues to expand.

As recently reported by Cryptopolitan, the number of active Russian farms minting digital currencies has increased by 44% since the beginning of this year alone, reaching almost 197,000.

The sector won recognition from the Central Bank of Russia (CBR) and the Kremlin administration for becoming a new major export, one that’s actually making the Russian ruble stronger.

Russia started opening towards crypto transactions

This year can be considered a turning point for the Bank of Russia’s position on cryptocurrencies, the business daily Kommersant noted in an article on Monday.

Until not too long ago, the monetary authority was the strongest opponent among Russian regulators to permitting the circulation of decentralized digital assets in the Russian economy.

The first sign the central bank is abandoning its overly conservative stance came in March, when it proposed the establishment of an “experimental legal regime” (ELR) for crypto operations.

The latter, which was initially supposed to remain in place for a period of three years, offered limited access to crypto assets and payments for foreign trade purposes.

Russian companies working with partners abroad started using coins for settlements, circumventing Western sanctions that severely limited their access to traditional financial channels.

A Russian ruble-pegged stablecoin called A7A5 became one of the instruments used by Russia to bypass financial restrictions imposed over the war in Ukraine. Entities related to the token were also sanctioned.

The coin, which was recognized as a digital financial asset (DFA) under Russian law, is issued on the Tron and Ethereum blockchains and accounts for nearly half of the global non-dollar stablecoin market.

The ELR regime also allowed a narrow category of “highly qualified” investors to acquire, trade, and sell digital assets that were previously legally unavailable in Russia.

To be classified as such, private individuals needed to prove an annual income of at least 50 million rubles and investments in other assets for more than 100 million rubles ($600,000 and $1.2 million, respectively).

In May, the CBR authorized Russian financial firms to offer crypto derivatives to the same small group of vetted professional investors, and a number of such products, including futures on Bitcoin and Ethereum, appeared on the Russian market.

From Nyet to Da – 2006 to bring crypto legalization

In October, Finance Minister Anton Siluanov unveiled his department, and the Central Bank had agreed to draft proposals to properly regulate international settlements with cryptocurrencies and the activities of crypto exchanges in Russia.

His deputy, Ivan Chebeskov, revealed in November that the two were ready to ditch the “highly qualified” standard for crypto investors. Shortly after, Bank of Russia’s Deputy Chairman Vladimir Chistyukhin confirmed the monetary authority was discussing the matter with the Minfin.

The CBR dropped the bombshell in late December, when it announced its new concept for comprehensive regulation of Russia’s crypto space.

The plan includes granting cryptocurrencies and stablecoins the status of “currency assets” and adopting requirements for cryptocurrency exchanges, as reported by Cryptopolitan.

It also envisages expanding investor access to digital currencies like Bitcoin and their derivatives. Qualified investors will be free to buy any crypto, except anonymous coins, while retail investors will be able to acquire the most liquid cryptocurrencies, although their purchases will be capped.

The proposals have been filed for government review, and the new legal framework should be adopted by July 1, 2026. Additional changes, such as amendments criminalizing illegal activities in the crypto market, are expected by the summer of 2027.

The steps taken by financial authorities in Moscow indicate they are now recognizing the benefits of regulating rather than banning cryptocurrencies. Russian officials have already admitted the country is lagging behind other nations in the post-Soviets space in that regard, such as its closest ally, Belarus, or the Central Asian economic powerhouse Kazakhstan, for example.

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