Russia’s Crypto Regulation to Take Effect on September 1 with Limited Onshore Trading
Russia's crypto regulation is set to take effect on September 1, 2026. Sberbank forecasts that only about one-fifth of Russia's estimated $18 trillion annual crypto activity will be traded through regulated exchanges in the first year. According to Sberbank Deputy Chairman Anatoly Popov, around 20% of daily Russian crypto transactions, valued at approximately 50 billion rubles, will be traded on exchanges.
The bank expects 3.5-4 trillion rubles of regulated crypto trading in the first year, which represents roughly 20% of Russia's estimated annual crypto activity. This forecast exposes a liquidity gap behind Russia's legalization drive, as most trading may remain outside regulated exchanges.
Russia still bans cryptocurrency for domestic payments, but exporters and importers can use it for cross-border settlement to reduce sanctions exposure. Sberbank plans to offer loans backed by Bitcoin, Ether, and USDT after regulatory approval, which would link custody demand to lending rather than relying on transaction fees.