Russia's Largest Bank Forecasts $46 Billion in First-Year Crypto Trading

Russia's largest bank, Sberbank, forecasts that the country's regulated crypto trading volume on exchanges could reach 4 trillion rubles ($46.4 billion) in the first year after new laws take effect on September 1, according to state news agency TASS.

Anatoly Popov, Sberbank's deputy chairman, said this level of trading may grow to roughly 7.5 trillion rubles ($87.1 billion) by 2029.

The forecast comes as the country's new crypto regulations are set to take effect on September 1. In early August, Russian President Vladimir Putin signed a landmark law establishing a regulatory framework for the cryptocurrency market.