Russian Crypto Bill Amendment Targets Mining, Trading

The amendment comes as interest in Russia’s crypto usage and policy continues to grow

article-image

Source: Shutterstock

share

key takeaways

  • The pending legislation, named “On Digital Currency,” was initially introduced to the Russian Parliament in February
  • Russia’s central bank called for a ban on crypto mining earlier this year

Russia’s Ministry of Finance has amended its digital currency bill to include cryptocurrency mining provisions, the agency announced Friday.

The ministry presented the original draft cryptocurrency law, which focused on digital assets as investment vehicles, to the Russian Parliament in February. The updated version of the bill, the ministry said, details rules around trading and mining cryptocurrencies.

The pending legislation, named “On Digital Currency,” comes as interest in the Russian government’s use of cryptocurrencies continues to increase amid the ongoing war in Ukraine, which started on Feb. 24 when Russia invaded the country.

In January, Russia’s central bank called for a ban of cryptocurrency mining, citing concerns that digital assets could undermine financial stability.

Reports that Russia was considering a state-sponsored digital ruble, its own central bank digital currency, swirled in early February.

In March, Sberbank, Russia’s top lender, was granted a license by the country’s central bank to begin issuing digital assets in response to US economic sanctions. Assets issued on the bank’s digital platform will be recorded and circulated via a distributed ledger technology system, ensuring “data security” and data immutability, Sberbank said.

The license will allow companies in Russia to issue their own digital assets, providing they prove they have the cash requirements, and use digital assets issued through the bank’s information system. The news came as concern over how Russian entities may be using cryptocurrencies to evade sanctions heightened.

The updated version of “On Digital Currency” introduces the concepts of professional and non-professional digital asset purchases, according to a report from Russian news outlet Kommersant. It also states the need to assess cryptocurrency products, the rules of trade and mining, the report added.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
  • Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Bluefin possibly stands at an inflection point. The token is near an all-time low yet the protocol’s spot volume market share and derivatives exchange usage have been increasing month over month since its November launch. Given its current market position and the upcoming upgrades (for both Bluefin and SUI), there may be upside potential before the increased supply growth in December. However, strong opposition from existing competitors (like Cetus and Suilend), as well as new entrants (like Aftermath), pose key challenges to Bluefin’s medium-term success.

article-image

Top Committee Democrat Sen. Elizabeth Warren in her opening statement accused Atkins of “helping billionaire CEOs like Sam Bankman-Fried”

article-image

Introducing garbled circuits for enhanced privacy and regulatory compliance

article-image

Ross Ulbricht was a freedom maximalist building freedom tech, powered by Bitcoin

article-image

Solana validators can reap benefits including payments, votes and community clout

article-image

Sponsored

WalletConnect is cementing itself as the essential connectivity layer, ensuring wallets remain the entry point for billions of users

article-image

According to a legal filing, Galaxy Digital helped boost the price of LUNA while quietly selling its tokens