Russia Records $647M In Daily Crypto Transactions, Says Deputy Finance Minister

TLDR

Table of Contents

Russia records $647M in daily crypto turnover, says deputy finance minister.
Annual crypto activity in Russia is estimated at $129B.
Lawmakers plan to pass exchange regulations by July 1.
Bitcoin and stablecoins may be classified as currency assets.

Russia records $647M in daily crypto transactions, says deputy finance minister, as lawmakers prepare new exchange regulations. Officials estimate that daily crypto turnover has reached about 50 billion rubles, or $647 million.

Ivan Chebeskov, Russia’s Deputy Finance Minister, shared the figures at the Alfa Talk conference titled “Digital Financial Assets: New Market Architecture.” He said that yearly turnover now stands near 10 trillion rubles, or about $129 billion.

Daily Turnover Reaches 50 Billion Rubles

Chebeskov stated that most of the current crypto activity operates outside formal oversight. He said the government aims to bring these transactions into a regulated framework.

He noted that daily turnover of 50 billion rubles reflects rising adoption across the country. The figures suggest steady use of digital assets for transfers and other financial activity.

Officials believe that legal clarity could help shift activity to licensed platforms. They also aim to reduce the role of unregistered operators in the market.

Lawmakers Target July 1 for Regulation Approval

The Bank of Russia has proposed a framework to legalize crypto transactions through existing exchanges and brokers. The proposal would allow regulated institutions to provide crypto-related services.

Lawmakers plan to submit a draft bill to the State Duma in March. They are targeting approval by July 1 during the spring session.

Under the proposal, exchanges would operate under regulatory supervision. Licensed financial institutions could offer crypto services, while unlicensed operators would face penalties.

Officials have said the goal is to create a controlled environment for digital asset trading. They want to increase transparency and improve compliance standards.

Bitcoin and Stablecoins May Be Classified as Currency Assets

Proposed regulations would classify Bitcoin and fiat-pegged stablecoins as “currency assets.” This category would define how these digital assets are treated under financial law.

Licensed institutions could offer services related to these assets if the bill passes. The framework aims to provide clear definitions for market participants.

Authorities believe that defined categories could help streamline oversight. The move may also reduce uncertainty for exchanges and brokers operating in Russia.

Sanctions and Market Growth

Adoption of digital assets in Russia increased after Western sanctions in 2022. Restrictions limited access to traditional financial channels following the invasion of Ukraine.

As a result, individuals and businesses turned to alternative payment systems. Crypto assets became one of the available options for cross-border transfers.

According to Chainalysis, Russia now ranks as Europe’s largest crypto market by transaction volume. The growth reflects expanded usage and higher transaction levels.

Officials continue to assess the structure of the domestic crypto market. They aim to align regulatory efforts with the scale of activity now recorded.

Russia records $647M in daily crypto transactions, says deputy finance minister, and lawmakers are moving to place exchanges under formal supervision. The proposed legislation is expected to shape the next phase of the country’s digital asset market.