Russia Abandons Crypto Targets, Lets Market Guide Policy

Russia's Deputy Finance Minister Ivan Chebeskov has announced that authorities will not set fixed crypto targets, opting instead to let market performance guide further policy. This decision comes as the country approaches a decade-long debate over regulating digital currencies.

The newly adopted regulatory framework and market performance will be used to inform policy decisions. The Finance Ministry estimates that around 20 million Russians currently hold roughly 3.7 trillion rubles in crypto, indicating a significant presence of cryptocurrencies in the country.

Non-bank crypto exchanges now require a minimum capital requirement of 15 million rubles, which is likely to impact exchange licensing, adoption, and market structure. The market's performance will be closely watched by authorities before making any further policy decisions.