Russia's Regulated Crypto Market Aims for $46 Billion in First Year

Russia has launched its digital asset framework, which allows for regulated cryptocurrency trading. Sberbank, the country's biggest state-owned bank, predicts that regulated platform trade volume will reach $46.4 billion in the first year and rise to $87 billion by 2029.

The forecast is based on data from Russia's Ministry of Finance, which shows that the volume of domestic cryptocurrency transactions is approximately $650 million per day. Regulated platforms are expected to accommodate about 20% of the present cryptocurrency trading volume within the first year.

The law establishes regulated marketplaces for cryptocurrencies, digital vaults for their storage, and intermediary brokers to oversee their trading and protection. Initially, only Bitcoin, Ethereum, and USDT can be traded. Sberbank plans to start accepting these assets as loan collateral and is working on cryptocurrency custody and wallet services.