Russia's Social Fund, the state-run institution managing the public pension system, reported handling approximately 37 million calls in 2025, with a notable surge in cryptocurrency-related inquiries. According to a report in the official government newspaper Rossiyskaya Gazeta, among the most frequent non-standard questions were whether Russian citizens could receive pension payments in cryptocurrency and whether income from crypto mining would be factored into social benefit calculations.
Fund operators clarified that all state pension and social payments are made exclusively in Russian rubles. They directed citizens to the Federal Tax Service for matters concerning cryptocurrency income and taxation, emphasizing that digital assets fall outside the Social Fund's jurisdiction.
This high volume of public interest reflects Russia's growing engagement with digital assets. The country has become Europe's largest crypto market by transaction volume, with $376.3 billion recorded between July 2024 and June 2025, surpassing the United Kingdom's $273.2 billion, according to Chainalysis data. Large-scale transfers exceeding $10 million grew 86% during this period, nearly double the 44% growth seen across the rest of Europe.
The debate around crypto, particularly mining, is gaining significant political momentum. Last month, senior Kremlin official Maxim Oreshkin advocated for classifying crypto mining as an official export activity in Russia's trade accounts. Speaking at the Russia Calling investment forum, Oreshkin described mining as "a new export item" that Russia "doesn't value very well," arguing that mined digital assets effectively flow abroad and influence foreign-exchange markets.
Central Bank Governor Elvira Nabiullina has also acknowledged that mining contributes to the ruble's strength, though she noted quantifying its impact is difficult due to a significant portion of the industry operating in "gray areas." Russia's mining operations accounted for over 16% of the global hashrate last year, ranking second worldwide. Following legalization in November 2024, corporate mining operations face a 25% tax rate, while household miners using less than 6,000 kWh monthly are exempt from registration, though illegal operations persist.
Concurrently, Russia's regulated crypto infrastructure is taking shape. The Moscow Exchange and St. Petersburg Exchange have confirmed readiness to launch crypto trading once the nation's legislative framework takes effect by July 1, 2026. The proposed framework, released by the Bank of Russia in December, creates a sharp divide in market access. Non-qualified investors would face annual purchase caps of 300,000 rubles (approx. $3,834) and must pass mandatory knowledge tests, while qualified investors encounter no volume restrictions but cannot purchase anonymous privacy tokens.
The banking sector is also embracing digital assets. In December, Sberbank, Russia's largest lender, announced it now offers regulated crypto-linked investments totaling 1.5 billion rubles in structured bonds and digital financial assets (DFAs) tied to Bitcoin, Ethereum, and broader crypto portfolios. Furthermore, Tether has successfully registered the trademark for its asset tokenization platform, Hadron, in Russia, with protection valid until October 2035, covering blockchain-based financial services, crypto trading, and payment processing.
Despite this adoption and infrastructure expansion, State Duma Committee Chairman Anatoly Aksakov recently reinforced that cryptocurrencies "will never become money within our country" and can only function as investment instruments, with all domestic payments required to be in rubles. Regulators are now preparing a strict crypto regulation framework with new penalties expected this year.
