- Chebeskov says no fixed crypto targets, opting to assess market performance before setting policy.
- Around 20 million Russians already hold roughly 3.7 trillion rubles in crypto.
- Non-bank crypto exchanges now need just 15 million rubles in minimum capital.
Russia’s Deputy Finance Minister Ivan Chebeskov says the country will not set fixed targets for how much of its crypto market gets brought under legal rules. Instead, officials want to watch how the newly regulated market actually works before deciding what comes next.
Speaking at the Moscow Financial Forum, Chebeskov said the debate over regulating digital currencies took more than 10 years to settle, with lawmakers finally choosing a full regulatory framework over an outright ban.
Numbers Behind The Decision
The Finance Ministry estimates:
- Around 20 million Russians currently hold crypto
- Their combined holdings total roughly 3.7 trillion rubles
- Daily crypto trading volume is near 50 billion rubles
Chebeskov said the priority right now is not legalizing a fixed slice of that activity. It is building a working, regulated market that shows who is offering crypto services, what risks they carry, and whether client protections actually hold up in practice.
Smaller Exchanges Get A Break
To stop the market from being dominated by a few big banks, the ministry lowered the minimum capital requirement for non-bank crypto exchanges. It was originally set at 30 million rubles and has since been cut to 15 million rubles, giving independent exchanges a real shot at staying in business.
A Deadline Is Still Looming
Even as the policy stays flexible, the timeline is not. Bank of Russia First Deputy Governor Vladimir Chistyukhin said the regulated market could go live before the end of 2026. That depends on finishing 27 regulatory rules, seven major ones and 20 smaller ones. Six of the major rules have already reached the Justice Ministry, and the rest are due by the end of October.
What This Means For Everyday Investors
Some limits under the new system:
- Crypto still cannot be used to pay for goods or services in Russia
- Banks’ total crypto exposure will be capped at 1% starting January 2027
- Everyday investors can trade approved coins after passing a knowledge test, capped at 300,000 rubles per intermediary each year
- Qualified investors face the same test but no spending cap
- Existing crypto businesses have until July 1, 2027, to get licensed
Russia is taking a measured approach to crypto regulation, choosing to observe how the market functions before setting firm limits. With key rules still in progress, the rollout will test whether this flexible framework can support growth while maintaining control over risks.
Related: Finance Ministry of Russia Projects 10M New Crypto Users in 2027
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