Russia's Crypto Boom: Daily Trading Hits ~$650M Amid Push for Regulation

Deputy Finance Minister Ivan Chebeskov says that daily trading volumes in Russia's cryptocurrency market are nearing about 50 billion rubles (equivalent to $640–650 million), therefore surging. Speaking at an Alfa-Bank conference on digital assets, he disclosed that millions of Russians are actively using crypto for savings, investments, and trading, therefore generating annual turnover to over 10 trillion rubles (around $130 billion). The statistics, obtained from Rosfinmonitoring's Transparent Blockchain system, highlight the extensive acceptance despite most activity being done in uncontrolled offshore settings.

The growing volumes emphasize a major change in public behavior, with crypto acting as an important instrument during economic constraints and penalties. Chebeskov said that this huge flow—now outside official supervision—represents trillions of rubles in citizen participation and increasing interest in digital assets as a substitute financial choice.

Russian authorities are quickening regulatory action in reaction. Lawmakers plan to vote on complete crypto rules for the duration of the State Duma’s spring session, which include licensing necessities for exchanges and consequences for unlicensed operations. Seeking to seize fees now lost to foreign platforms (calculated at about $15 billion annually) and bring the market under domestic control, the Central Bank and Moscow Exchange (MOEX) are advocating integration.