Crypto Trading in Russia Could Generate Nearly $50 Billion in Volume

Cryptocurrency trading on regulated Russian exchanges could generate around 4 trillion rubles ($46.4 billion) in volume during the first year after legalization, according to estimates from Sber, Russia’s largest bank. Sber Deputy Chairman Anatoly Popov told Tass that trading volume on domestic regulated crypto platforms could rise further to approximately 7.5 trillion rubles by 2029.

Popov said the forecast remains relatively conservative because a significant share of Russian crypto activity is still expected to take place through exchanges that are not regulated domestically, meaning some transactions will continue to bypass organized local platforms.

Russia’s new crypto rules take effect

The forecast comes as Russia begins implementing a new regulatory framework for cryptocurrency trading under legislation signed by President Vladimir Putin on Aug. 4. The law gives Russian authorities a clearer structure for determining which digital assets can be traded through regulated intermediaries and organized exchanges. On Aug. 11, the Bank of Russia published a proposed list of cryptocurrencies that could be permitted for public trading under the new framework. Bitcoin, Ether and Tether’s USDT were among the assets included.

Retail investors face annual purchase limits

Under the new rules, non-qualified investors would be allowed to purchase up to 300,000 Russian rubles worth of cryptocurrency per year through each intermediary. Eligible intermediaries include brokers, crypto exchange services and asset managers. Qualified investors, meanwhile, would not face the same purchase limits and could trade approved crypto assets through regulated exchanges as well as over-the-counter markets.

Regulated crypto market could expand through 2029

Sber expects Russia’s regulated crypto trading market to grow steadily over the coming years, potentially reaching 7.5 trillion rubles in annual volume by 2029. However, the bank’s outlook also reflects the likelihood that a substantial portion of crypto activity will remain outside Russia’s regulated infrastructure, limiting how much trading volume domestic exchanges can capture in the near term.

Sources:

https://cointelegraph.com/news/russian-crypto-trading-bring-46b-regulated-exchanges-legalization

https://tass.com/economy/2179311