Russia Moves to Regulate Booming Cryptocurrency Market
Russian authorities are accelerating efforts to establish a comprehensive regulatory framework for cryptocurrency activities, with legislative approval anticipated during the upcoming spring session of the State Duma. This push comes as new data reveals the substantial and largely unregulated scale of digital asset turnover within the country. The Ministry of Finance estimates daily cryptocurrency transactions reach 50 billion rubles, equivalent to approximately $650 million, culminating in an annual volume exceeding 10 trillion rubles – roughly $130.5 billion.
These figures were presented by Ivan Chebeskov, Deputy Finance Minister, at the Alfa Talk conference, as reported by RBC. Chebeskov emphasized the significant portion of this activity occurring outside of official oversight. “This is a turnover of more than 10 trillion rubles per year, which is currently taking place outside the regulated zone, outside our attention,” he stated, underscoring the need for formalized rules. Both the government and the Bank of Russia are jointly backing the proposed legislation to bring this substantial market segment into compliance.
Expanding Exchange Capabilities & Investor Access
The forthcoming regulations are designed to integrate existing financial infrastructure into the cryptocurrency landscape. Licensed exchanges and brokerage firms will be permitted to expand their services to include digital assets. The Moscow Exchange (MOEX) is already proactively entering the market, currently offering cash-settled futures contracts for Bitcoin (BTC$68,945.97) and Ether (ETH$1,987.35), with plans to add futures for SOL, XRP, and TRX.
The framework will also enable MOEX and brokers to participate in the spot market, catering to both qualified and non-qualified investors, albeit with certain restrictions applied to the latter. Licensing requirements will be specifically targeted towards cryptocurrency exchange offices, and penalties will be implemented for any unlicensed intermediaries operating within the sector. Vladimir Chistyukhin, first deputy of chairman of the Central Bank, confirmed the shared goal of passing the bill during the spring session.
Significant Capital Outflow & Market Share
Data from the Bank of Russia’s financial stability report indicates that Russian citizens held an estimated 933 billion rubles ($11.89 billion) on international cryptocurrency exchanges as of mid-2025. These platforms currently operate without regulation within Russia, leading to substantial financial outflows. Sergey Shvetsov, Chairman of the MOEX’s Supervisory Board, highlighted that Russian users remit approximately $15 billion annually in commissions to these global platforms.
Shvetsov further noted the broader economic impact, stating, “The commissions that crypto exchanges and regular exchanges receive from trading crypto assets annually is $50 billion; there are estimates that the Russian share is about a third.” Analysis from Chainalysis confirms Russia’s position as the largest cryptocurrency market in Europe, receiving $376.3 billion in crypto between July 2024 and June 2025 – significantly outpacing the United Kingdom’s $273.2 billion during the same period. Germany and Ukraine were the only other European nations to exceed $200 billion in crypto receipts.
