Infrastructure for Cryptocurrency Sales in Russia — What Awaits the Market in 2025
In Russia, the need for a transparent national infrastructure for the sale of mined cryptocurrency has become pressing. This was stated by Daniil Egorov, head of the Federal Tax Service (FTS), at the St. Petersburg International Economic Forum (SPIEF-2025). He indicated that legal miners are currently forced to either seek unofficial buyers or sell mined coins abroad on foreign exchanges, due to the lack of a clear mechanism for sales within the country. The initiative to create such platforms aims to bring digital asset transactions out of the shadows and increase the appeal of the industry to investors.
Why Legal Infrastructure for Cryptocurrency Sales is Necessary
Legal participants in cryptocurrency mining in Russia find themselves in a legal vacuum when it comes to the realization of mined digital assets. Although cryptocurrency mining has been legalized, there are no official platforms or tools for selling them for rubles in the domestic market. As a result, miners must operate opaquely: selling cryptocurrency through informal channels or transferring it to foreign exchanges. This status quo poses risks for all parties: the state does not receive taxes and oversight, while investors face uncertainty and additional costs when converting to fiat.
Daniil Egorov emphasized that such a situation contradicts the logic of regulation. According to him, if the state has allowed cryptocurrency mining legally, it should also ensure the opportunity to sell it legally. The lack of consistency in regulation can hinder the development of the industry and deter investments. A transparent sales infrastructure is necessary for legitimizing the industry and protecting the interests of market participants.
Legalization of Mining and New Requirements for Participants
Russian authorities have already taken steps to legalize the cryptocurrency sector, primarily in the mining sphere. As of November 1, 2024, provisions of the law on digital financial assets came into effect, which require all companies and individual entrepreneurs engaged in cryptocurrency mining to register in a special FTS registry. For individuals, such a requirement does not apply if they mine in domestic conditions and consume no more than 6,000 kWh of electricity per month. These measures aim to "whiten" the mining industry, identify major players, and put their activities under supervision.
In addition to registration, a requirement for monthly reporting on mined digital currencies has been introduced. The FTS has implemented special services to facilitate compliance with the new rules. Starting from February 2025, taxpayers will have access to online reporting on received cryptocurrency through their personal account. The service also publishes reference exchange rates for major cryptocurrencies (Bitcoin, Ethereum, etc.) in rubles based on data from the largest foreign exchanges. This helps miners accurately calculate their income from mining based on the market price of the coin on the day of receipt for tax calculations.
However, despite the establishment of a legal framework and convenient tools, many market players are still hesitant to disclose their activities. According to official data, by mid-2025, only about a third of mining enterprises and entrepreneurs have registered with the FTS. The rest continue to operate informally, which can be attributed to the lack of clear sales channels for mined coins. Investors in mining assess regulatory risks: it remains unclear how to convert cryptocurrency into traditional money while complying with the law. Therefore, the call to create a sales infrastructure is particularly relevant — without it, the further development of the industry is hindered.
Regulator's Position: The Role of the Central Bank
The key link in the issue of creating cryptocurrency infrastructure is the position of the Central Bank. The Bank of Russia has traditionally taken a cautious stance regarding crypto assets, fearing for financial stability and potential illegal capital movement. Nevertheless, after the legalization of mining, the regulator needs to decide how to organize the market for trading cryptocurrency domestically. Daniil Egorov noted that much depends on the agreement with the Central Bank: the tax service can ensure accounting and oversight, but launching trading requires approval from the main financial regulator.
Currently, the Ministry of Finance, together with the Bank of Russia, is developing an experimental legal regime for cryptocurrency operations. This involves launching trading platforms under state supervision on a limited basis. According to Deputy Finance Minister Ivan Chebeskov, the parameters of such an experiment are expected to be defined by the end of 2025. There is preliminary discussion about using existing exchange infrastructure — for instance, integrating new instruments based on the Moscow or St. Petersburg Exchanges. It is anticipated that access to direct operations with digital currency in the initial phase will only be granted to a limited circle of highly qualified investors. This cautious approach is intended to minimize risks at the early stage of market formation.
Prospects for the Creation of a National Cryptocurrency Exchange
The idea of launching a Russian cryptocurrency exchange has been discussed within business circles for several years. In 2024, following the legalization of mining, representatives of the State Duma expressed hope for the imminent launch of a national platform for trading digital currencies. The chairman of the financial market committee, Anatoly Aksakov, suggested that such an exchange would be operational in the second half of 2024. However, consensus between the Ministry of Finance and the Bank of Russia has not been reached, and the process has stalled.
By mid-2025, Russia still lacks its own cryptocurrency trading platform. However, the market is gradually preparing for its emergence. Financial sector participants, including major banks and exchanges, are showing interest in developing new instruments. For example, the Moscow Exchange has launched trading in a futures contract linked to the price of Bitcoin (based on the Bitcoin ETF), while the SPB Exchange is testing derivative instruments on crypto assets. These steps indicate a growing recognition of cryptocurrencies as an asset class. The creation of a fully-fledged cryptocurrency exchange is a logical continuation of this trend; the only questions are its scale and operational terms.
Opportunities and Risks for Investors
The emergence of a legal infrastructure for cryptocurrency transactions presents new opportunities for investors. In a transparent regulatory environment, legal risks in working with digital assets diminish. If Russia manages to establish its own cryptocurrency exchange or a similar sales mechanism, qualified investors will be able to trade cryptocurrencies within the ruble jurisdiction. This could attract new capital to the sector — from private investment funds to companies looking to diversify their assets using crypto instruments. Additionally, legal exchange channels will ease the exit from investments: converting cryptocurrency to fiat will become simpler and safer, thus increasing market liquidity.
However, alongside the advantages, there are also risks. A regulated market introduces stringent oversight and compliance requirements. Investors will have to adhere to norms for financial monitoring, tax reporting, and restrictions set by the regulator. Initially, direct access to crypto trading will likely be permitted only for qualified participants with substantial capital and experience. Retail investors who do not meet strict criteria will only have access to indirect instruments (e.g., crypto ETFs or futures on crypto indexes). Furthermore, the geopolitical factor remains: sanctions may complicate the integration of the Russian crypto market into the global economy. Potential market participants should carefully evaluate these risks before investing in the Russian crypto industry.
Forecast for the Coming Year
In the short term (up to one year), gradual progress in legislative and infrastructural initiatives related to the cryptocurrency market is expected. By the end of 2025, according to the Ministry of Finance's plans, rules for the experimental regime should be agreed upon — this will mark an important milestone. If approved, pilot trading platforms for cryptocurrency sales involving a limited circle of investors could potentially launch as early as 2026. A fully operational market for the general public is unlikely to emerge instantly: regulators will closely monitor the first results and adjust the approach as necessary. It can also be anticipated that the number of officially registered miners will grow as legal sales channels for mined coins emerge, as illegal players are likely to step into the light once they have the opportunity to sell cryptocurrency legally. Overall, the coming months will focus on laying the groundwork for a fully functioning cryptocurrency market in Russia.
What Investors Should Pay Attention To
- Regulatory Changes: Keep an eye on new laws and decisions from the Bank of Russia regarding cryptocurrencies — they may significantly alter the market.
- Launch of Platforms: The emergence of the first legal platforms for the sale and exchange of cryptocurrency will be an important signal. Even if they are not accessible to all, the very fact of their launch will set a significant precedent for the market.
- Tax Reporting: Comply with FTS requirements — timely registration (when necessary) and submission of tax declarations on income from cryptocurrency transactions using official cryptocurrency exchange rates for tax calculations.
- Market Conditions: Global trends in the cryptocurrency market and price volatility remain a significant factor. Even with the development of a national ecosystem, digital assets are characterized by high volatility, so diversifying risks is recommended.
The Russian cryptocurrency sector is entering a new phase, where formal rules are replacing uncertainty. For investors, this is a signal to prepare for the emergence of new opportunities while thoroughly studying the regulatory framework. The balance between control and innovation will determine the success of developing the cryptocurrency sales infrastructure in Russia and the prospects for earning in this market.
