Russia Eyes Crypto Reform as Daily Volume Hits $650M

Russia’s Finance Ministry says the country sees about $650 million in daily crypto turnover as officials move to bring the fast growing market under formal regulation.

Key Takeaways

• Russia records roughly $650 million in daily crypto transactions, totaling more than $130 billion annually.
• Millions of Russians are involved in crypto trading, much of it outside official oversight.
• Lawmakers aim to pass comprehensive crypto legislation during the State Duma spring session.
• The European Commission has proposed broader crypto restrictions tied to Russia under its 20th sanctions package.

What Happened?

Russia’s Finance Ministry revealed that crypto related transactions in the country reach about 50 billion rubles per day, or roughly $648 million to $650 million. Officials say the bulk of this activity currently happens outside the regulated financial system.

The disclosure comes as lawmakers prepare a draft bill that would create a licensing and compliance framework for crypto exchanges and brokers, with a vote expected during the State Duma’s spring session.

Russia’s Expanding Crypto Market

Deputy Finance Minister Ivan Chebeskov said the country’s annual crypto transaction volume exceeds $130 billion. Speaking at the Alfa Talk event, he emphasized the scale of public participation.

Chebeskov said:

According to reporting by RBC and Interfax, the Finance Ministry based its estimates on data from Rosfinmonitoring’s Transparent Blockchain platform. Officials acknowledged the figures are not presented as audited on chain metrics, but they reflect the market’s significant size.

The Bank of Russia’s financial stability report shows that Russian users held about 933 billion rubles, or nearly $12 billion, on global crypto exchanges as of mid 2025. These platforms currently operate outside Russia’s regulatory perimeter.

Data from Chainalysis indicates Russia is the largest crypto market in Europe. Between July 2024 and June 2025, Russia received more than $376 billion in crypto inflows, ahead of the United Kingdom at $273 billion. Germany and Ukraine were the only other European countries to surpass $200 billion in inflows during the same period.

Fast Track Toward Regulation

Government officials and the Bank of Russia now appear aligned on the need for formal oversight. Vladimir Chistyukhin, First Deputy Chairman of the central bank, said he expects lawmakers to approve new regulations during the upcoming spring session.

Under the proposed framework, licensed exchanges and brokers would be allowed to offer crypto services, including spot trading. Exchange offices would require specific licenses, and penalties would apply to platforms operating without permits.

Chistyukhin said authorities would provide a transition period for market participants to obtain licenses and prepare internal compliance procedures.

The Bank of Russia has also outlined a differentiated approach, meaning access to certain crypto products could vary depending on investor category.

Moscow Exchange and Banks Prepare to Enter

The Moscow Exchange has already launched cash settled Bitcoin and Ether futures and plans to expand into futures tied to Solana, XRP, and TRON. Officials at the exchange said they want to compete with offshore platforms and capture part of the growing domestic demand.

Sergey Shvetsov, chairman of the Moscow Exchange supervisory board, said Russian users pay about $15 billion annually in trading fees to overseas crypto platforms. He added that global crypto exchanges generate around $50 billion per year in commissions, with Russia accounting for roughly one third of that total.

“As soon as it becomes possible, we will begin to compete with the gray sector,” Shvetsov said.

Major banks are also preparing to expand crypto related services. Sberbank recently piloted crypto backed loans for a corporate client in the mining sector and plans to scale the offering.

EU Sanctions Add Another Layer

The European Commission has proposed banning “all cryptocurrency transactions involving Russia” as part of its 20th sanctions package. Officials argue that narrower restrictions can be bypassed by switching service providers. The proposal still requires approval from EU member states.

CoinLaw’s Takeaway

In my experience covering crypto policy, numbers like $650 million per day change the conversation completely. When activity reaches this scale, regulators stop debating whether crypto should exist and start focusing on how to control it. I found it striking that officials openly admit most of the market sits outside their oversight. That alone explains the urgency.

If Russia succeeds in building a regulated framework that attracts exchanges and banks, it could shift billions in fees back onshore. At the same time, the EU’s proposed sanctions show how geopolitical risks continue to shape crypto markets. For investors and companies, this is a reminder that regulation and politics now matter just as much as price charts.

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