Russia Tackles Unregulated Crypto Market with Draft Law
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.
An estimated 20 million Russians now use cryptocurrency in some capacity, driving the market's growth in part due to Western sanctions that have restricted access to traditional financial channels.
The finance ministry and the Central Bank of Russia both want a draft law to regulate cryptocurrency transactions filed with the State Duma by March. The proposed framework will focus primarily on exchanges, imposing penalties on trading platforms that fail to secure operating permits.