Russia’s push to bring cryptocurrency activity into a formal legal system is accelerating, with officials projecting a substantial expansion in domestic crypto adoption. Speaking at the Moscow Financial Forum on September 21, 2026, Deputy Finance Minister Ivan Chebeskov said Russia could add about 10 million new crypto users in 2027 as the market shifts from a mostly unregulated environment to a regulated framework. Chebeskov estimated that around 20 million Russians already hold crypto, with total holdings of about 3.7 trillion rubles ($44 billion).
At present, users are split between Russian and foreign platforms, making it difficult to measure the full market, Chebeskov noted. The Finance Ministry expects most users will eventually migrate to Russian platforms as domestic infrastructure matures.
The Bank of Russia is already consulting with major banks, brokers, depositories, trading organizers, and non-financial companies involved in cryptocurrency exchanges, according to First Deputy Governor Vladimir Chistyukhin. However, no formal applications have been submitted because several first-line regulatory acts still need to be adopted, published, and enter into force. The legal framework took effect on September 1, 2026, following legislation adopted by the State Duma on July 21. It permits regulated crypto activity and cross-border payments, while domestic cryptocurrency payments remain prohibited.
Under the framework, non-qualified investors must pass a test and may purchase most liquid cryptocurrencies for up to 300,000 rubles per year through one intermediary. Qualified investors must also pass testing but face no amount limit. Banks, brokers, management companies, crypto exchanges, and digital repositories are expected to facilitate transactions, including on organized trading platforms. Existing market participants have a transition period through July 1, 2027 to obtain licenses and comply with the new rules.
