Russia Sees Crypto Volumes Surge Under New Regulations
Russia's largest bank, Sberbank, forecasts significant growth in crypto trading volumes following the legalization of digital assets on regulated exchanges. The new regulations, signed by President Vladimir Putin on August 1, are set 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 after legalization. This figure is expected to rise to around $7.5 trillion by 2029 as more institutions enter the market.
The current daily volume of cryptocurrency transactions in Russia is approximately 50 billion rubles, according to Finance Ministry data from February. In the first year after legalization, around 20% of this volume, or 3.5-4 trillion rubles a year, will be traded on exchanges.