Russian Pension Fund Faces Surge in Crypto Queries Amid Mining Income Debate

The Russian Pension Fund has received an unprecedented number of inquiries related to cryptocurrency, reflecting the country's evolving interest in digital assets. Many citizens are curious about the possibility of receiving pensions in cryptocurrency and how mining income would impact social benefits as regulatory frameworks for crypto continue to be developed.

Key Takeaways

The Russian Social Fund received approximately 37 million calls in 2025, with many inquiries focused on cryptocurrency.
Citizens are asking whether pensions can be paid in digital assets and if mining income affects social benefits.
A Kremlin official argues for classifying crypto mining as an export activity to improve trade accounts.
Russia's mining operations account for over 16% of the global hashrate and are now facing stricter tax regulations.
Trading infrastructures for cryptocurrency are set to launch by July 1, 2026, with limitations for different investor classes.
The banking sector, including Sberbank, is moving towards regulated crypto investments.
Despite advancements, government officials continue to declare that cryptocurrencies cannot replace the ruble as legal tender.

Russian Pension Fund Flooded With Crypto Questions as Mining Income Debate Heats Up

Rising Interest in Cryptocurrency

In 2025, Russia’s Social Fund saw around 37 million calls, with a notable number of these inquiries related to cryptocurrency, alongside typical social benefit questions. Reports indicate that citizens are eager to learn if pensions can be paid in digital currencies and whether income from mining can influence social benefit calculations. Officials clarified that all state payments will continue to be made in rubles, while taxation of cryptocurrencies falls under the Federal Tax Service's authority.

The volume of crypto-related inquiries showcases Russia's growing interest in the digital asset realm, particularly as mining activities generate approximately 1 billion rubles daily. The enactment of regulatory frameworks is also anticipated ahead of implementation deadlines set for mid-2026.

Political Support for Mining Income Recognition

Last month, Maxim Oreshkin, a senior Kremlin official, advocated for the classification of cryptocurrency mining as an export activity within Russia’s trade statistics. He highlighted that mined digital assets often flow to international markets, though they never physically cross borders. Speaking at the Russia Calling investment forum, Oreshkin described mining as a “new export item” that Russia could exploit more effectively.

The Social Fund noted widespread interest in whether pensions could be received in cryptocurrency, asserting that “many individuals have questions regarding the impact of mining income on social benefits.” However, officials emphasized that “all payments from the SFR are made strictly in rubles, and cryptocurrency taxation is governed by the Federal Tax Service.”

According to reports, Russia's mining sector accounted for more than 16% of the global hashrate last year, securing its position as the second largest in the world. Corporate mining operations now face 25% tax rates following legalization efforts in November 2024. Central Bank Governor Elvira Nabiullina also acknowledged the role of mining in strengthening the ruble but stated that quantifying its impact remains challenging as much of the industry operates informally.

Infrastructure for Regulated Cryptocurrency Trading

In preparation for a more structured approach to cryptocurrency, the Moscow Exchange and St. Petersburg Exchange announced their readiness to initiate crypto trading by July 1, 2026, aligning with a regulatory concept released by the Bank of Russia.

The St. Petersburg Exchange confirmed that it possesses the necessary technology to facilitate trading and settlements, while the Moscow Exchange is actively developing solutions for the crypto market. Under the new regulations, market access will vary for different investor classifications. Non-qualified investors will be allowed annual purchases capped at 300,000 rubles through designated intermediaries and limited to specific cryptocurrencies after passing knowledge assessments. On the other hand, qualified investors will not face volume restrictions, but they must demonstrate a clear understanding of market risks and cannot trade anonymous tokens.

Between July 2024 and June 2025, Russia recorded a staggering $376.3 billion in crypto transaction volume, surpassing the UK’s $273.2 billion and establishing itself as the largest crypto market in Europe. Large-scale transactions exceeding $10 million saw an 86% increase during this period, nearly double the 44% growth seen across Europe.

Russian Pension Fund Crypto Mining - European region by total value received chart

Banking Sector's Shift towards Digital Assets

In December, Sberbank, Russia's leading bank, announced the launch of regulated crypto-linked investments worth 1.5 billion rubles. These include structured bonds and digital assets associated with Bitcoin, Ethereum, and other cryptocurrencies. The Deputy Chairman of Sberbank, Anatoly Popov, confirmed that the bank is engaged in discussions with the Bank of Russia and Rosfinmonitoring to integrate cryptocurrency services within regulated frameworks.

Additionally, Tether has successfully registered its asset tokenization platform, Hadron, in Russia. The approval allows Tether to operate in various blockchain-based financial services. Despite these developments, State Duma Committee Chairman Anatoly Aksakov reiterated that cryptocurrencies “will never function as money in our country,” maintaining that all domestic payments should be transacted in rubles.

As the landscape of cryptocurrency in Russia evolves, regulators are laying the groundwork for a stringent crypto regulation framework, alongside impending penalties aimed at enhancing compliance in the sector.