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Russia’s crypto market hits $648M/day, showing huge adoption but little oversight.
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New rules will let Russians trade legally via exchanges and brokers, easing gray-market activity.
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Bringing crypto into regulation could reclaim $15B in fees and boost local exchange profits.
Cryptocurrency usage in Russia continues to surge, reaching approximately $648 million per day, according to Deputy Finance Minister Ivan Chebeskov. Speaking at the Alfa Talk conference, Chebeskov said, “We’ve always said that millions of citizens are involved in this activity, representing trillions of rubles in terms of use and savings.” The growing market currently operates outside the regulated zone, highlighting both opportunity and risk for Russian authorities.
Chebeskov estimated the daily cryptocurrency turnover at 50 billion rubles, which equates to more than 10 trillion rubles annually. “This turnover is currently occurring outside our control,” he emphasized. Besides demonstrating widespread adoption, these figures illustrate a significant gap between existing regulations and actual market activity.
Russia Moves Toward Regulation
At the end of 2025, the Bank of Russia unveiled a concept for regulating cryptocurrency transactions. This framework allows trades through existing infrastructure such as exchanges and brokers, eliminating the need for separate licenses. Additionally, both qualified and non-qualified investors will gain access, albeit with restrictions for the latter.
Vladimir Chistyukhin, First Deputy Chairman of the Central Bank, highlighted plans to implement these regulations during the State Duma’s spring session. “The government and I would very much like to see the law passed during the spring session,” he said. Chistyukhin expects a transition period for market participants to secure licenses and develop internal documents to start operations legally.
Economic Implications of Crypto Adoption
Russians currently pay around $15 billion in fees to global crypto exchanges, according to Sergei Shvetsov, Chairman of the Moscow Exchange Supervisory Board. “As soon as this becomes possible, we will begin competing with the gray market,” Shvetsov noted. He estimated that the annual commission on crypto asset trading is $50 billion, with roughly a third representing Russian transactions.
Consequently, moving these activities into the regulated national infrastructure could significantly boost domestic exchange profits. Shvetsov said, “If you compare our profit, which is approximately $1 billion annually, and this $15 billion that we have the chance to partially return to the legal zone, this represents a significant increase in the profitability of infrastructure organizations.” Additionally, the Moscow Exchange and other Russian exchanges are ready to enter the market once the regulatory framework is published.
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