Russia Eyes Spring Crypto Law as Daily Trading Hits $648M

Russia’s cryptocurrency market has surged to approximately 50 billion rubles ($648 million) in daily trading volume. Deputy Finance Minister Ivan Chebeskov revealed the figures during the Alfa Talk conference, noting that millions of Russian citizens now actively participate in crypto trading.

Russia’s Ministry of Finance has revealed massive data regarding the adoption of digital assets in the country. Russian citizens are recorded to be conducting crypto transactions averaging around $648 million per day.

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The annual turnover exceeds 10 trillion rubles, all currently operating outside regulatory oversight. Russian authorities now push to bring this massive market under formal supervision through new legislation expected in spring 2025.

First Deputy Chairman of the Central Bank Vladimir Chistyukhin confirmed that both the Bank of Russia and the government want the crypto market regulation law adopted during the State Duma’s spring session.

Russia’s Central Bank Unveils New Regulatory Framework

The Bank of Russia recently published a comprehensive concept for regulating the cryptocurrency market. The framework would allow transactions through existing financial infrastructure, including exchanges and brokers.

Both qualified investors and retail participants would gain access under the new rules. However, non-qualified investors would face certain restrictions on their trading activities.

Currently, only “highly qualified” investors can legally trade decentralized digital currencies like Bitcoin in Russia. These individuals must hold at least 100 million rubles in deposits and securities.

They also need annual income exceeding 50 million rubles to qualify. The new regulations would dramatically expand market access beyond this narrow category.

Chistyukhin stated that authorities now consider it “quite possible” to ease these restrictions. He cited difficulties Russian entities face when using traditional currencies for international payments.

The Deputy Finance Minister noted that adopting the law would enable market participants to obtain necessary licenses during a transition period. Companies could then develop internal documents and begin legitimate operations.

Russian citizens currently pay approximately $15 billion annually in commissions to global crypto exchanges. Sergey Shvetsov, Chairman of the Moscow Exchange Supervisory Board, shared this estimate at the conference.

Global crypto exchanges and trading platforms collectively earn about $50 billion yearly from crypto asset trading. Shvetsov estimated the Russian share represents roughly one-third of that total.

“That is, $15 billion is what our citizens, our companies leave in the gray national infrastructure and in offshore infrastructure,” Shvetsov stated.

The Moscow Exchange reported annual profits of approximately $1 billion. Capturing even a portion of the $15 billion crypto commission market represents significant growth potential.

Meanwhile, the Bank of Russia’s Financial Stability Report provided additional market data. Average monthly estimated balances of Russians on crypto exchanges reached 933 billion rubles.

This data came from Rosfinmonitoring’s Transparent Blockchain service. The agency analyzed fund flows of Russian users on major global crypto exchanges.

New Rules Target Exchangers and Intermediaries

Under the proposed framework, exchanges and brokers operating within Russian infrastructure would not need separate crypto licenses. Their existing licenses would cover cryptocurrency trading activities.

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Separate requirements would apply specifically to cryptocurrency exchangers. Authorities also plan to establish liability measures for illegal activities by intermediaries in the crypto market.

The regulatory shift comes as Russian authorities acknowledge the growing importance of digital assets. Deputy Minister Chebeskov emphasized that trillions of rubles in citizen savings now sit in cryptocurrencies.

Global cryptocurrency platforms currently operate in Russia without regulatory oversight. The new framework aims to create a supervised domestic alternative for Russian traders.

The spring legislative session will determine whether Russia can successfully bring its substantial crypto market into the regulated financial system.