Russia’s government says citizens transact huge amounts of crypto each year, a shift pushing regulators to act. Officials report about 50 billion rubles ($640–$650 million) in crypto trades per day, equal to over 10 trillion rubles (~$129 billion) annually — much of it outside formal oversight. They are calling this a major market that requires clearer rules and legal frameworks.
Daily Crypto Activity Soars, Officials Say
Deputy Finance Minister Ivan Chebeskov highlighted the massive scale of crypto transactions at the Alfa Talk forum on digital assets. He said millions of Russians are involved in crypto trading and savings, with most activity happening on unregulated channels beyond state visibility.
According to the ministry’s figures, exceeding 50 billion rubles in daily turnover suggests a year-long total that rivals major financial sectors, underscoring the public’s growing interest in digital assets.
Officials stress the number isn’t about speculation but reflects real use. They want to bring these flows under clear legal rules so markets operate within regulated frameworks and oversight.
Regulators Push for New Legal Framework
In response to the activity, Russia’s central bank and finance ministry are preparing draft legislation to regulate crypto markets. The draft could be submitted to the State Duma in March with the aim of adoption during the spring session. Under the proposed rules, licensed exchanges and brokers would handle most crypto transactions, and both qualified and non-qualified investors could participate under defined limits.
Non-qualified investors might face yearly caps, while qualified investors would have broader access. Regulators believe this legal framework could help monitor risks, expand market transparency, and align Russia’s crypto scene with broader financial laws.
Source: https://coinpaper.com/14650/russia-flags-129-b-crypto-flows-seeks-faster-bitcoin-and-crypto-rules
