Russia's New Crypto Rules Set to Boost Regulated Exchange Volumes

Russia's new crypto market regulations are set to take effect on September 1, and according to Sber, the country's largest bank, domestic cryptocurrency trading volumes on regulated exchanges could bring in a significant revenue. In the first year after legalization, the estimated trading volume is expected to be around $46.4 billion, which is approximately 4 trillion rubles.

This forecast was made by Anatoly Popov, Sber's Deputy Chairman, who attributed the conservative estimate to the fact that many crypto transactions will continue to occur on unregulated exchanges, bypassing trading on organized platforms.

The new regulations, signed into law by President Vladimir Putin on August 4, include a list of approved cryptocurrencies for public trading. The list includes Bitcoin, Ether, and Tether's stablecoin USDT.

Under the rules, non-qualified investors will be limited to buying up to 300,000 Russian rubles worth of cryptocurrency per year through each intermediary. Qualified investors, on the other hand, face no purchase limits for crypto assets traded on exchanges or over-the-counter markets.