Russian authorities say citizens are moving the equivalent of $129 billion in cryptocurrency annually through largely unregulated channels, prompting renewed calls for formal oversight of the sector.
Ivan Chebeskov, deputy finance minister of Russia, stated during a digital assets panel that roughly 50 billion rubles — about $648 million — in crypto transactions occur daily. That equates to more than 10 trillion rubles per year flowing “outside the regulated zone.”
Chebeskov emphasized that millions of Russians are already engaged in digital asset activity, with trillions of rubles held in savings and transactions beyond direct regulatory supervision.
Central Bank Proposes Investor Framework
The push for oversight aligns with recent proposals from the Central Bank of Russia to formalize crypto access. A draft policy released in December would allow both qualified and non-qualified investors to purchase certain digital assets, though limits would apply. Non-qualified investors could reportedly hold up to 300,000 rubles (around $3,834) annually, while broader access would be granted to qualified participants, excluding privacy-focused tokens.
Sanctions Pressure and Legislative Timeline
Crypto adoption in Russia has accelerated amid Western sanctions. The European Union has raised concerns about potential sanction evasion through digital assets.
Lawmakers are now targeting the spring session of the State Duma to advance comprehensive crypto regulation, potentially introducing licensing requirements and compliance standards for market participants.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.