Daily cryptocurrency transactions in Russia total $648 million as the government advances regulatory measures.

Russia’s Daily Crypto Turnover Hits $648 Million as Regulators Speed Up Legislative Push

Russia’s finance ministry and central bank are urging lawmakers to fast‑track a crypto‑regulation framework after data showed that citizens move roughly 50 billion rubles ($648 million) through digital‑asset channels each day.

Moscow’s regulatory bodies sound the alarm

During a panel at the Alfa Talk conference, Deputy Finance Minister Ivan Chebeskov warned that the bulk of the country’s crypto activity occurs outside the reach of existing financial oversight. He estimated that the daily volume of transactions amounts to about 50 billion rubles, a figure that translates to more than 10 trillion rubles (approximately $129 billion) over a year.

First Deputy Chairman of the Central Bank, Vladimir Chistyukhin, echoed the sentiment, saying that the ministry hopes the State Duma will approve a comprehensive law in its spring legislative session. The proposed timetable would give market participants a transition period to acquire licenses and adapt internal procedures.

Policy draft released in December

In late December, the Central Bank unveiled a draft regulation that marks a departure from its earlier stance of an outright ban. The document distinguishes between “qualified” and “non‑qualified” investors:

• Qualified investors – broader market access, with the exception of privacy‑focused coins.
• Non‑qualified investors – a ceiling of 300 000 rubles (about $3 800) in crypto holdings per calendar year.

The draft aims to channel the sizable unregulated activity into a legal framework while limiting exposure for retail participants.

Geopolitical backdrop

Russia’s surge in digital‑asset usage coincides with sustained economic sanctions from the United States and the European Union. The EU’s latest sanctions package, announced in early February, includes language targeting the use of cryptocurrencies to evade restrictions, and it contemplates a blanket ban on crypto transactions with Russian entities.

These measures have intensified the Kremlin’s interest in tighter domestic oversight, both to curb illicit flows and to preserve state control over capital movements.

Analysis

1. Regulatory urgency – The sheer scale of daily crypto turnover signals a market that has outgrown the existing legal vacuum. By moving quickly, Russian authorities hope to capture taxable activity, mitigate money‑laundering risks, and align with international expectations.

2. Balancing act – The Central Bank’s proposal walks a fine line between restricting speculative retail participation and allowing sophisticated investors to operate. The exclusion of privacy coins reflects concerns over anonymous transfers, while the 300 000‑ruble cap could steer small‑scale users toward traditional banking channels.

3. Sanctions resilience – With sanctions already limiting conventional financial channels, crypto has become a de‑facto alternative for some Russian citizens and businesses. Formal regulation could either legitimize this channel, making it easier for authorities to monitor, or push users toward offshore platforms that fall outside Russian jurisdiction.

4. Legislative timeline – The spring session of the State Duma is a narrow window. Delays could prolong the regulatory gray zone, potentially prompting a surge in underground crypto activity. Conversely, swift adoption could provide a clearer compliance roadmap for exchanges and service providers operating in Russia.

Key takeaways

As Russia moves toward codifying its crypto market, the coming weeks will reveal whether the proposed framework can reconcile the country’s domestic adoption surge with external geopolitical constraints.

Source: https://cointelegraph.com/news/russian-finance-ministry-reveals-648m-daily-crypto-volume-amid-regulatory-push?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound