Russia to Strengthen Grip on Digital-Asset Activities

CN
1 hour ago

While Russia has been steadily opening its financial system to digital assets, it is not loosening its grip on the industry. A recent report from the Bank of Russia, the country’s digital‑asset regulator, introduces increased oversight of these activities beginning next year.

According to the official Russian news agency TASS, the regulator’s guidelines for the development of the financial market of Russia for 2026 and onwards signal an increase in controls on these activities.

Regarding mining, the document states that “it is planned to ensure that the Bank of Russia regularly receives information regarding the activities of digital currency miners and mining infrastructure operators.”

Russia passed cryptocurrency mining regulations last year, limiting the activity to registered organizations and unregistered individuals up to a monthly electricity consumption of 6,000 kWh. It also established reporting procedures for the total amount of digital currency mined and transactions to the Federal Tax Service.

With this policy, the bank aims to strengthen the application of this law and rein in more miners that could still be operating outside of the regulatory framework’s boundaries.

Digital assets investments, which the bank greenlighted in May, and some private banks have already embraced, are also mentioned in the document.

It states that “in connection with the permission for financial institutions to offer qualified investors financial instruments (derivative financial instruments, digital financial assets, and securities), the profitability of which is tied to the value of digital currencies, the Bank of Russia will monitor the risks of investors’ investments in these instruments.”

The bank argues that this increased oversight will allow it to “increase confidence in the market and protect the rights of investors,” moving forward with these initiatives in a controlled manner.

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