Russia's Unregulated Crypto Market Booms to $648M Daily

Russia's cryptocurrency market has seen rapid growth, reaching an estimated daily transaction volume of 50 billion rubles - approximately $648 million - according to Deputy Finance Minister Ivan Chebeskov.

The figure exceeds $130 billion in annual turnover and represents nearly all unregulated activity in the space, with an estimated 20 million Russians now using cryptocurrency in some capacity.

Chebeskov noted that a draft law to regulate cryptocurrency transactions could be filed as early as March, with regulators seeking to impose penalties on trading platforms that fail to secure operating permits.

The proposed framework would allow banks and brokers to offer cryptocurrency services under existing licenses, while standalone platforms would require separate authorization.