Russia Targets $130B Crypto Market with Draft Regulation Law

Russia's cryptocurrency market has reached an estimated daily transaction volume of $648 million, with annual turnover above $130 billion. Deputy Finance Minister Ivan Chebeskov disclosed this figure at an Alfa-Bank conference, citing nearly all transactions occur outside any regulated framework.

Approximately 20 million Russians now use cryptocurrency in some capacity, according to Chebeskov. He stated that a draft law to regulate cryptocurrency transactions could be filed with the State Duma as early as March and would focus primarily on exchanges, imposing penalties on trading platforms that fail to secure operating permits.

The proposed framework would allow banks and brokers to offer cryptocurrency services under existing licenses, while standalone cryptocurrency platforms would need separate authorization. Regulators have signaled a transition period for market participants to obtain licenses and prepare internal compliance documents.