Russia's cryptocurrency market is experiencing a subtle shift. According to Chainalysis data, in 2024, Russia's crypto trading volume reached $376.3 billion, surpassing the UK's $273.2 billion, making it one of the most active regions globally. Meanwhile, demand for social fund consulting has surged, with the public beginning to explore whether cryptocurrencies can supplement pensions—currently, the official stance is limited to payments in rubles, and taxes on mining income are handled separately by the tax authorities.

In terms of trading behavior, large transfers have increased by 86%, and DeFi activity has surged eightfold, reflecting strong participation from both retail investors and institutions. However, this growth has also attracted the attention of the central bank. The Russian Central Bank is considering restrictions for retail investors, including mandatory knowledge tests, a cap of 300,000 rubles on annual trading volume, and bans on privacy coins. The tightening of policies contrasts sharply with the market's enthusiasm, and how to balance regulation and innovation in the future has become a key challenge for Russia.