Russia's cryptocurrency market is experiencing a significant surge, with daily trading volumes reaching an estimated 50 billion rubles (roughly $640 million), according to Deputy Finance Minister Ivan Chebeskov. Speaking at the Alfa Talk forum on digital assets, Chebeskov revealed that this translates to an annual turnover of over 10 trillion rubles (approximately $129 billion), a vast majority of which occurs outside formal regulatory oversight.
"We've always said that millions of citizens are involved in this activity, representing trillions of rubles in terms of use and savings," Chebeskov explained. He emphasized that this massive volume is currently happening "outside the regulated zone, outside our control."
In response to this booming but largely unregulated market, Russian authorities are advancing a comprehensive regulatory framework. Lawmakers plan to present a crypto regulation bill to the State Duma by June 2026, with the goal of enacting laws that would take effect by July 1, 2027.
The proposed legislation, backed by the Ministry of Finance, the Bank of Russia, and the State Duma, includes several key provisions. All cryptocurrency exchanges would require licenses, with unlicensed operations facing penalties akin to illegal banking. Retail investors would face an annual purchase limit of about 300,000 rubles (≈ $4,000) and would need to pass qualification tests before trading. The central bank would have discretion to approve which assets are legal for trading starting in mid-2027, and privacy-oriented cryptocurrencies could be restricted. The long-standing ban on using crypto for domestic payments would remain, but regulated trading would be permitted as an investment vehicle.
Major Russian exchanges, including the Moscow and St. Petersburg exchanges, are reportedly preparing to launch regulated crypto trading platforms once the legal foundation is in place. This regulatory push aims to move users from the "gray market" to licensed, transparent venues, balancing market growth with investor protection and financial stability.
