Russia Targets $130 Billion Cryptocurrency Market with New Regulation Plans
Russia's cryptocurrency market has reached an estimated $648 million in daily transaction volume, according to the country's finance ministry. This figure puts Russia's annual cryptocurrency turnover above $130 billion.
Nearly all of this activity occurs outside any regulated framework, with around 20 million Russians now using cryptocurrency in some capacity.
The finance ministry and Central Bank of Russia want legislation regulating cryptocurrency transactions to be adopted by the State Duma during its spring session. A draft law could be filed as early as March, with a July 1 deadline for passage.
The proposed framework will focus primarily on exchanges, imposing penalties on trading platforms that fail to secure operating permits. Banks and brokers would be allowed to offer cryptocurrency services under existing licenses, while standalone platforms would need separate authorization.