Russia’s Ministry of Finance estimates that approximately 20 million citizens currently use cryptocurrencies, collectively holding more than $44 billion in digital assets. Deputy Finance Minister Ivan Chebeskov disclosed these figures during a recent interview, highlighting the increasing adoption rate and the significant role that cryptocurrencies play in the Russian financial landscape.
Crypto usage and transaction volume in Russia
The finance ministry reported that the daily turnover in Russia’s cryptocurrency market averages 50 billion rubles, or nearly $600 million. Chebeskov explained that this figure encompasses both individual holdings and financial products linked to digital currencies. Market analysts consider the Russian market to be one of the largest by user base in Europe.
This amount includes direct holdings of digital currencies as well as certain financial products linked to them.
Russia recently introduced comprehensive cryptocurrency regulation, culminating in the “On Digital Currency and Digital Rights” law, which took effect on September 1. The legislation was passed by both houses of parliament in July and signed by President Vladimir Putin in August, aiming to clarify the legal framework for digital assets in the country.
Licensing and expansion of regulated crypto market
Under the new law, Russia has established guidelines for licensing crypto exchanges, creating digital depositories, and allowing banks and brokers to offer related services. According to Deputy Governor of the Central Bank of Russia Vladimir Chistyukhin, the first official participants in the structured crypto market may be registered and licensed by the end of 2026.
Previously, only Bitcoin mining was formally regulated in Russia, after a separate legal framework for mining came into effect in November 2024. Other digital financial instruments, such as tokenized securities issued on private blockchains, have been governed by a dedicated law since January 2021.
Mini dictionary: Digital depository – An entity authorized to hold and manage digital assets, similar to how traditional custodians manage securities. Digital depositories safeguard cryptocurrencies and facilitate transactions under regulated conditions.
Government targets and expectations for 2027
The Ministry of Finance projects an additional 10 million Russian citizens could become cryptocurrency users in 2027, the first full year of legalized transactions under the new regulatory framework. This growth is expected as the domestic crypto market continues to develop and new regulatory measures are enforced.
Many users currently operate on domestic exchanges that have yet to be licensed or rely on foreign platforms. Chebeskov noted that at least 10 million crypto wallets belong to Russian citizens who use foreign infrastructure. Authorities envision bringing these users under the Russian regulatory umbrella as competing platforms try to attract this customer base.
We spoke with foreign exchanges and found that at least 10 million wallets belonging to Russian citizens exist within foreign infrastructure. There is competition for these clients, and the goal is to bring them into our infrastructure.
Amid international sanctions and financial restrictions due to the war in Ukraine, both Russian companies and individuals have increasingly turned to cryptocurrencies. The government now allows non-professional investors to acquire up to 300,000 rubles’ worth of digital assets annually through authorized intermediaries and to transfer coins to overseas wallets. However, legal transactions within Russia must be conducted through licensed service providers, with digital assets held in registered depositories.
| Legal Activity | Framework Date | Key Requirement |
|---|---|---|
| Bitcoin Mining | November 2024 | Separately regulated |
| Tokenized Securities (DFAs) | January 2021 | Dedicated law |
| Crypto Trading & Investment | September 2026 | “On Digital Currency and Digital Rights” |
Tax residents are now required to report transactions involving wallets not managed by Russian depositories to the Federal Tax Service. Chebeskov made clear that digital depositories will not be liable for assets frozen by foreign issuers, referencing past incidents with stablecoin holdings.
Tether’s USDT, Bitcoin (BTC), and Ethereum (ETH) have been identified as the top three cryptocurrencies that ordinary Russians are permitted to own under the new regulations, reflecting the assets’ liquidity and widespread adoption within the country.
