Key Takeaways
- Russia’s finance ministry estimates $648 million a day in crypto turnover, with “millions” participating.
- Officials say much of the market operates outside regulation, with a bill expected in the spring State Duma session.
- The Bank of Russia has outlined a regulated approach, including differentiated access by investor category.
- The European Commission said its proposed 20th sanctions package includes measures targeting crypto trading and platforms.
Russia’s finance ministry said crypto-related transactions in the country total about 50 billion rubles per day (roughly $648 million), with much of the activity occurring outside any regulated perimeter.
The comments come as Russia prepares legislation aimed at bringing parts of the market into a licensing and compliance framework.
They also coincide with the European Commission proposing broader Russia-linked crypto restrictions as part of the EU’s 20th sanctions package, a move that still requires member-state approval.
Russia Puts a Number on Its Crypto Market
Deputy Finance Minister Ivan Chebeskov cited the 50 billion rubles-per-day figure at an Alfa Talk event focused on digital financial assets.
The estimate is not presented as an audited on-chain metric.
Still, the disclosure signals something simple: the market is large enough that regulators are now focusing less on whether crypto exists and more on how to supervise it.
Russia’s “Onshoring” Push
Interfax reporting tied to Chebeskov’s remarks said lawmakers are preparing to submit a draft bill soon, with March cited, and aim to push it through during the spring legislative session.
The stated intent is to move activity into a regulated zone, including licensing requirements for market participants.
The policy direction aligns with the Bank of Russia, which has published proposals for a more controlled crypto regime, including differentiated access for different categories of investors.
Officials framed the issue around scale and oversight. Chebeskov said millions of participants engage in the market, generating turnover far beyond marginal activity.
Banks in Russia Test Crypto as Collateral
A related datapoint is emerging in Russia’s banking sector.
Sberbank plans to expand crypto-backed loans for corporate clients after a pilot involving a crypto-mining firm that used mined crypto as collateral.
Crypto-collateral lending does not legalize crypto as money. It does, however, push banks toward clearer rules on custody, valuation, and risk controls.
EU Pressure Builds
The European Commission has proposed banning “all cryptocurrency transactions involving Russia,” arguing narrower restrictions can be bypassed by switching service providers.
According to the report, the proposal would require unanimous approval by EU member states.
The EU is also expanding restrictions across banks, trade, and maritime services, alongside measures targeting crypto firms said to enable sanctions evasion.
Taken together, the direction is toward tighter controls on Russia-linked crypto activity that touches EU-regulated intermediaries.
What to Watch Next
Three developments are likely to define the near-term impact:
- Russia’s bill mechanics: licensing scope, investor eligibility, reporting requirements, and treatment across spot trading, stablecoins, custody, and derivatives.
- EU sanctions text: whether the reported proposal is adopted as drafted, narrowed, or reshaped into more targeted prohibitions.
- Financial plumbing: whether crypto-collateral and similar bank products scale, accelerating domestic demand for standardized compliance and accounting rules.
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