Russian Crypto Market Tops $44 Billion Amid New Regulations

Russia's crypto market has reached a significant milestone, surpassing $44 billion in value. The country's Deputy Finance Minister, Ivan Chebeskov, credited new regulations and market clarity for the surge in adoption.

According to Chebeskov, over 20 million Russians hold cryptocurrencies, with direct holdings totaling approximately $44 billion (3.7 trillion rubles). Daily transactions have also increased, reaching around $595 million (50 billion rubles).

The new regulations aim to attract institutional players and boost domestic sentiment. However, foreign-law liability for losses remains a user risk.

Chebeskov noted that the Ministry is working with the Bank of Russia on a framework for stablecoins and their impact on local markets. The digital depository is liable for storage, accounting, and transfer issues, while losses under foreign law fall on the user.