- Russia’s daily crypto trading volume hits 50B rubles, says Deputy Finance Minister.
- A draft law to oversee crypto transactions could be introduced in Russia’s parliament soon.
- He also said that most of the crypto dealings are happening outside any regulations.
During the Alfa Talk conference (organized by Alfa Bank, Russia’s largest private bank ), Deputy Finance Minister Ivan Chebeskov stated that daily crypto trading volume in Russia reached 50 billion rubles (approximately $648 million).
Chebeskov said cryptocurrency use in the country has continued to grow, with millions of citizens involved and turnover reaching about 50 billion rubles per day, and more than 10 trillion rubles per year (approximately $130 billion).
Chebeskov said a draft law to oversee crypto transactions could be introduced in Russia’s parliament, the State Duma, by March. The finance ministry and the Central Bank of Russia are both pushing for the law to pass during the spring session, aiming to get it done by July 1.
At the same conference, First Deputy Governor Vladimir Chistyukhin said regulators would give businesses time to get licensed and set up their compliance systems.
The new rules would focus on exchanges, punishing those who trade without permission. Banks and brokers could offer crypto services under their existing licenses, but dedicated crypto platforms would need a separate license.
Largest Crypto Market in Europe
According to Russia’s central bank, Russian users held about 933 billion rubles (roughly $11.89 billion) on global crypto exchanges as of mid-2025, none of which are regulated in Russia.
Sergey Shvetsov, who chairs the Moscow Exchange’s supervisory board, said that Russian users pay around $15 billion in fees to international crypto platforms each year.
Per some estimates, Russia is the biggest crypto market in Europe. For instance, in October last year, Chainalysis shared its 2025 Geography of Cryptocurrency Report that showed Russia became the top crypto market in Europe by value received with $376.3 billion between mid-2024 and mid-2025, which is well ahead of the UK as the second-largest market, and its $273.2 billion.
Perhaps not surprisingly, several big Russian banks have said they’re ready to start offering crypto products as soon as the new law is in place.
Related: Bank of Russia to Review Ruble Stablecoin Plan
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