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The Ministry of Finance reports that Russia’s daily cryptocurrency transactions exceed $650 million.
Officials from the government and central bank are advocating for regulations concerning cryptocurrency activities, with the intention of achieving approval during the upcoming spring session.
(Photo by Artem Beliaikin on Unsplash/Modified by CoinDesk)
Key Points:
- The Ministry of Finance estimates that cryptocurrency transactions reach approximately $650 million daily and total about $130.5 billion annually, mainly occurring outside of regulated frameworks.
- Officials from the government and central bank are advocating for legislation to oversee cryptocurrency activities, with a goal for it to be approved in the spring session.
- The proposed regulatory framework would permit licensed exchanges and brokers to provide cryptocurrency services, including spot trading, with designated licensing for exchange offices and penalties for unlicensed intermediaries.
The Ministry of Finance in Russia has assessed the nation’s daily cryptocurrency transactions at 50 billion rubles, equivalent to around $650 million, with annual activity surpassing 10 trillion rubles, or roughly $130.5 billion.
Deputy Finance Minister Ivan Chebeskov presented these figures during the Alfa Talk conference, emphasizing the increasing extent of unregulated cryptocurrency utilization in the nation, as reported by local media outlet RBC.
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Chebeskov remarked, “This represents a turnover exceeding 10 trillion rubles annually, currently occurring outside the regulated domain and beyond our oversight.”
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Officials, including those from the Bank of Russia, are now advocating for regulations to incorporate this activity within the regulatory framework.
Vladimir Chistyukhin, first deputy chair of the Central Bank, indicated that both the government and the Bank are optimistic that a bill for cryptocurrency market regulation will be passed during the State Duma’s spring session.
The anticipated regulations would enable existing licensed entities, such as exchanges and brokers, to participate in the cryptocurrency market and expand their crypto services. The Moscow Exchange (MOEX) is already facilitating bitcoin and ether cash-settled futures contracts, with plans to introduce futures for SOL, XRP, and TRX.
The new regulations would also enable MOEX and brokers to participate in the spot market. Both qualified and non-qualified investors would be permitted to engage, although with certain restrictions for the latter group. Specific licensing would apply to cryptocurrency exchange offices, and penalties for unlicensed intermediaries are being planned.
As stated in the Bank of Russia’s financial stability report, Russian users were estimated to have approximately 933 billion rubles ($11.89 billion) on foreign cryptocurrency exchanges in mid-2025. Currently, these platforms are not subject to regulation in Russia.
Sergey Shvetsov, Chairman of the Moscow Exchange’s Supervisory Board, noted that Russian users incur around $15 billion yearly in fees to international crypto platforms.
“Once it becomes feasible, we will start competing with the gray market,” he stated. “The fees that crypto exchanges and conventional exchanges collect from trading crypto assets each year amount to $50 billion; estimates suggest that the Russian portion is approximately one-third.”
Russia is indeed considered the largest cryptocurrency market in Europe. Chainalysis identified that from July 2024 to June 2025, Russia received $376.3 billion in cryptocurrency, significantly surpassing the $273.2 billion received by the United Kingdom during the same timeframe. Germany and Ukraine were the only other European nations to have received over $200 billion in that period.
