Russia Aims for Crypto Trading Volumes of $46 Billion as Regulated Market Takes Shape
Russia's crypto market is poised for significant growth following the legalization of regulated trading, which is expected to take effect on September 1. According to Anatoly Popov, Sberbank Deputy Chairman, total crypto trading volumes could exceed $46.4 billion in the first year, with a projected figure of 7.5 trillion rubles by 2029.
The new regulation allows qualified investors to trade without limits on exchange or over-the-counter transactions. However, non-qualified traders are capped at purchasing 300,000 rubles worth of crypto per year through each intermediary.
The law was signed on August 1 and has been met with positive backing from stakeholders. The initial estimates for growth are considered conservative, as a large portion of transactions still occur on unregulated exchanges.