Russia's Crypto Market Set for $46B Boom Under New Regulations

Russia's new crypto market regulations are set to take effect on September 1, and estimates suggest that cryptocurrency trading in Russia could bring in $46.4 billion in trading volume for regulated domestic exchanges in the first year after legalization.

This forecast was made by Sber, Russia's largest bank, which attributes the conservative estimate to the fact that a large share of crypto transactions will continue to be conducted through unregulated cryptocurrency exchanges.

The new regulations, signed into law by President Vladimir Putin on August 4, include a list of approved crypto assets that can be traded on public platforms. These include Bitcoin, Ether, and Tether's stablecoin USDT.

Under the rules, non-qualified investors will face limits of up to $300,000 worth of cryptocurrency per year through each intermediary, while qualified investors will have no purchase limits for crypto assets traded on exchanges or over-the-counter markets.