The Russian crypto market, in terms of transaction volume, is comparable to major financial segments. According to the Ministry of Finance, the daily turnover of digital assets in the country reaches 50 billion rubles, which is equivalent to about $650 million. On an annual basis, the figure exceeds 10 trillion rubles—around $130 billion.
These figures were announced by Deputy Finance Minister Ivan Chebeskov at the Alfa Talk conference. According to him, a significant portion of transactions occurs outside the legal framework. This creates risks for market participants and deprives the budget of potential tax revenues.
Why the State Is Increasing Control
Officials directly point to the problem of the “shadow” turnover. When cryptocurrency circulates through foreign platforms without local registration, the state sees neither the structure of transactions nor the volume of investors’ profits.
The authorities view crypto assets as an economically significant segment. At the current scale of turnover, even a minimal tax base can provide substantial budget revenues.
This is why the Ministry of Finance, together with the Bank of Russia, is promoting a bill to regulate digital assets. The document is planned to be considered during the spring session of the State Duma.
What Will Change After the Law Is Passed
The First Deputy Chairman of the Bank of Russia confirmed that the regulator expects the initiative to be approved soon. Under the new approach, licensed financial organizations will be able to officially offer services related to cryptocurrency.
It is assumed that existing exchanges and brokerage companies will be granted the right to spot trading of digital assets, not just operations with derivative instruments.
The Moscow Exchange already offers futures on Bitcoin and Ether. In the future, the platform is considering launching contracts on Solana, XRP, and TRON. After the emergence of a legal framework, entry into the spot segment is not ruled out.
The market will be open to both qualified and retail investors, but for private participants, there may be restrictions on volumes and risk levels. Exchange operators will have to obtain a special license. Illegal activity will be punished.
Capital Leaves the Country
According to the Bank of Russia, by mid-2025, Russians held about 933 billion rubles—approximately $11.9 billion—on foreign crypto exchanges. These platforms are not regulated in Russia.
The chairman of the supervisory board of the Moscow Exchange noted that Russian investors pay about $15 billion annually in commissions to foreign crypto platforms. For comparison, the total commission income of global crypto exchanges is estimated at about $50 billion per year.
In fact, a significant share of this income is generated by Russian demand, but it does not remain within the country.
Russia Is the Largest Market in Europe
According to analytics company Chainalysis, Russia ranks first in Europe in terms of cryptocurrency flows. From July 2024 to June 2025, the inflow of digital assets into the country amounted to about $376 billion.
This figure exceeds the volumes of the United Kingdom and other European jurisdictions. The scale of turnover confirms: cryptocurrency in Russia has long ceased to be a marginal instrument. It is a full-fledged financial segment with hundreds of billions of dollars in capital movement.
What Is Behind the Numbers
A daily turnover of $650 million is not just speculation. It includes settlements between companies, hedging of currency risks, capital preservation, and cross-border transfers.
Given external economic restrictions, crypto assets have become an alternative channel of financial infrastructure. But the lack of regulation increases legal uncertainty.
The state seeks to change this model:
- return part of the commission flows to the local system
- increase transaction transparency
- form a tax base
- reduce dependence on foreign platforms
Structural Shift
Russian policy regarding digital assets is gradually shifting from cautious observation to integration. Regulators are not talking about a ban. On the contrary, it is about creating a legal framework.
If the law is passed, the country will get a controlled market with licensed participants. This could change the structure of turnover and redistribute liquidity from foreign platforms to domestic ones.
At the current volume of transactions, this is not a niche segment, but a market with an annual turnover of more than $130 billion. And it is precisely for control over this flow that the struggle is underway today.
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