Russia Aims for 10M New Crypto Users by 2027 Amid Regulatory Shift

Russia's crypto market is expected to attract millions of new users in the next few years. Deputy Finance Minister Ivan Chebeskov believes that by 2027, around 10 million new people will join the market, bringing the total number of Russian crypto users to approximately 30 million.

Currently, about 20 million Russians use cryptocurrencies, holding around 3.7 trillion rubles ($44 billion) in digital assets and related products. However, these figures only account for direct holdings and some financial products linked to digital assets.

The new law on digital currencies and rights, which took effect on September 1, sets rules for licensed crypto exchanges and depositories. Existing market participants have until July 1, 2027, to transition to the new system. Regular investors will face caps on buying the most liquid cryptos, while qualified investors get more freedom.

The Central Bank of Russia is working on 27 supporting regulations, including licensing and registries, which could be completed by the end of 2026. This would allow the crypto industry to start running under the new legal system before the end of next year.