Russia’s cryptocurrency market is expanding rapidly, with officials estimating daily trading volume at 50 billion rubles.
During the Alfa Talk conference, the Deputy Finance Minister, Ivan Chebeskov, said millions of citizens are actively involved in crypto transactions. He noted that the annual turnover that comes from crypto exceeds 10 trillion rubles, most of which takes place outside of the country’s regulated financial system.
Chebeskov said the increase in the trading activities goes to show that crypto is no longer a small niche in Russia. He also added that most of these transactions remain beyond the control and oversight of the government.
Russia Moves to Legalize and Regulate the Crypto Market
Towards the end of 2025, the Bank of Russia introduced a concept to regulate the crypto market. They introduced a proposal that will allow crypto transactions through existing financial infrastructure, including exchanges and brokers.
If the new proposal is put in place, qualified investors and non-qualified investors would be allowed to participate in the market, although restrictions would apply to the latter group.
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The first Deputy Chairman, Vladimir Chistyukhin, said the central bank and the government hope the legislation will be adopted during the spring session of the State Duma. He explained that once the law is passed, market participants will be given enough time to obtain licenses and prepare the necessary documents to operate legally.
Under the proposed framework, cryptocurrency transactions would be conducted within the country’s existing financial infrastructure, and exchanges and brokers would not need separate crypto licenses to operate in the country.
Growing Crypto Volumes and the Lost Revenue
Although the officials have not described the figures shared as a correct approximation, recent data shows that the country is part of the top leading global crypto market.
Based on its financial stability report for the second and third quarters of 2025, the Bank of Russia estimated that the average monthly balance of Russians’ funds on crypto exchanges stood at 933 billion rubles.
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