Russia’s cryptocurrency market is experiencing a surge in transactional activity, with daily trading volumes reaching an estimated 50 billion rubles, roughly $640 million, according to Deputy Finance Minister Ivan Chebeskov. Summary Russia’s Finance Ministry says crypto trading volumes have reached 50 billion rubles ($640 million) per day, or roughly $129 billion annually, much of it outside formal oversight. Lawmakers are preparing a sweeping regulatory framework that would introduce mandatory exchange licensing by 2027 and stricter supervision of crypto platforms. Proposed rules include potential retail investment caps, asset approval controls by the central bank, and penalties for unlicensed operators, while keeping the ban on crypto payments in place. Booming crypto trade meets regulatory push Speaking at the Alfa Talk forum on digital assets, Chebeskov said this “turnover of more than 10 trillion rubles annually” highlights the depth of crypto involvement among Russians, much of it occurring 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. One example is the daily cryptocurrency turnover in our country—around 50 billion rubles. That’s a turnover of more than 10 trillion rubles per year, which is currently occurring outside the regulated zone, outside our control,” the deputy minister explained. Officials note that millions of citizens are participating in crypto trading, investing and savings, but most of these transactions currently take place through unregulated channels, leaving them beyond the attention of authorities. Against this backdrop, Russian regulators are pushing to bring much of the crypto market under formal scrutiny. Lawmakers plan to present a comprehensive crypto regulation bill to the State Duma by June 2026, with the aim of adopting a legal framework that would take effect by July 1, 2027. Under the draft legislation, all cryptocurrency exchanges would need licenses, and operating without approval could be penalized similarly to illegal banking. Retail investors would face annual limits on crypto purchases — proposed at about 300,000 rubles (≈ $4,000) — and qualification tests before they can trade. Privacy-oriented cryptocurrencies could be restricted, and the central bank would have discretion over which assets are approved for legal trading beginning in mid-2027. Major Russian exchanges, including the Moscow and St. Petersburg exchanges, have been preparing to launch regulated crypto trading platforms once the legal foundation is finalized. These efforts reflect broader policy shifts aimed at moving users away from “gray market” activity toward licensed, transparent venues. The proposed rules also keep the long-standing ban on using crypto for domestic payments but open regulated trading as an investment vehicle. The combined push from the Ministry of Finance, the Bank of Russia, and the State Duma signals a strategic effort to balance market growth, investor protection and financial stability while reining in unregulated activity.
