Russia's Regulated Crypto Market Takes Shape with $46 Billion Target

Russia has launched its digital asset framework, aiming to create a regulated market for cryptocurrency trading. The country's biggest state-owned bank, Sberbank, predicts that regulated platform trade volume will reach 4 trillion rubles ($46.4 billion) in the first year and rise to 7.5 trillion rubles ($87 billion) by 2029.

The regulatory shift, initiated by President Vladimir Putin in early August, establishes regulated marketplaces for cryptocurrencies, digital vaults for their storage, and intermediary brokers to oversee trading and protection. The law initially permits the trade of only Bitcoin, Ethereum, and USDT, with more tokens potentially qualifying in the future if they meet specific market cap and daily volume requirements.

Sberbank plans to start accepting these assets as loan collateral, pending approval from the Russian central bank. The bank is also working on cryptocurrency custody and wallet services, set to debut by December 2026. A pilot program was successfully conducted in December 2025 with a Bitcoin-backed corporate loan to mining business AO Intelion Data.

However, retail engagement has deliberate constraints: individuals must pass a knowledge test and can only buy up to 300,000 rubles ($3,700) worth of Bitcoin annually through a trusted third party. This mirrors the two-tiered approach seen in other regulated markets, aiming to control exposure for retail investors while allowing free capital flow.