Russia Cracks Down on Crypto Market with $130B Annual Turnover

Russia's cryptocurrency market has reached an estimated $648 million in daily transaction volume, according to Deputy Finance Minister Ivan Chebeskov.

This figure puts Russia's annual cryptocurrency turnover above $130 billion, with nearly all of it occurring outside any regulated framework.

The finance ministry and the Central Bank of Russia are pushing for legislation to regulate cryptocurrency transactions, which could be filed as early as March.

Regulators have said they will provide a transition period for market participants to obtain licenses and prepare internal compliance documents.