Russia’s legal crypto trading may bring $46B to regulated exchanges in first year

Russia’s regulated cryptocurrency exchanges may see over $46 billion in trading volume during their first year of legal operation, according to estimates from Sber, the country’s largest bank.

Anatoly Popov, Sber’s Deputy Chairman, told state news agency Tass that domestic crypto trading could reach 4 trillion rubles (about $46.4 billion) in the first year after legalization. By 2029, this figure could grow to roughly 7.5 trillion rubles.

The forecast comes as Russia prepares to implement new crypto market regulations on September 1, following a law signed by President Vladimir Putin on August 4.

Estimates and limits

Popov described the estimate as conservative, noting that many crypto transactions may still occur on unregulated platforms rather than organized exchanges.

Under the new rules, non-qualified investors can buy up to 300,000 Russian rubles (around $3,500) worth of cryptocurrency per year through each intermediary, such as a broker or exchange. Qualified investors will face no purchase limits for crypto assets traded on exchanges or over-the-counter markets.

Russia’s central bank has proposed a list of cryptocurrencies allowed for public trading, including Bitcoin, Ether, and Tether’s USDT stablecoin. A stablecoin is a type of cryptocurrency designed to hold a steady value, often tied to a traditional currency like the US dollar.

Why this matters

The new regulations aim to bring crypto trading under official oversight, though the bank’s estimate suggests a significant portion of activity may remain outside regulated channels.

Sources

• Cointelegraph