Russia’s cryptocurrency market is experiencing rapid growth, with officials estimating daily trading volume at approximately $550 million. Deputy Finance Minister Ivan Chebeskov revealed the annual turnover exceeds $110 billion, largely occurring outside regulated channels. The Bank of Russia is advancing a legislative proposal to legalize and regulate crypto trading through domestic exchanges and brokers, aiming to bring this activity under government oversight.
Russia’s cryptocurrency market is expanding rapidly, with officials estimating daily trading volume at 50 billion rubles, or roughly $550 million. 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 from crypto exceeds 10 trillion rubles, or about $110 billion, with most activity taking place outside the country’s regulated financial system.
Chebeskov stated the increase shows crypto is no longer a small niche in Russia. He added that most transactions remain beyond government control and oversight. Towards the end of 2025, the Bank of Russia introduced a concept to regulate the crypto market. Their proposal would allow transactions through existing financial infrastructure like exchanges and brokers.
The first Deputy Chairman, Vladimir Chistyukhin, said the central bank and government hope legislation will be adopted during the State Duma’s spring session. He explained market participants would then get time to obtain licenses and prepare documentation. Under the proposed framework, cryptocurrency transactions would be conducted within the country’s existing financial infrastructure.
Exchanges and brokers would not need separate crypto licenses to operate. The Bank of Russia’s financial stability report estimated the average monthly balance of Russians’ funds on crypto exchanges at 933 billion rubles, or about $10.3 billion. Officials have described Russia as a leading global crypto market, though noting reported figures are approximations.
