Russia’s Crypto Boom Exposed: Daily Turnover Surpasses $650 Million, Finance Ministry Reports
Russia’s Crypto Boom Exposed: Daily Turnover Surpasses $650 Million, Finance Ministry Reports
Russia’s cryptocurrency market is growing fast. The Ministry of Finance says the daily crypto turnover now tops 50 billion rubles. That equals about $650 million. Each year, this activity goes over 10 trillion rubles, or around $130.5 billion. These numbers show how big and active the crypto scene is in Russia, even without full rules.
The Huge Scale of Unregulated Crypto Activity
Deputy Finance Minister Ivan Chebeskov shared these stats at the Alfa Talk conference. He pointed out that this massive trading happens outside government watch. “This is a turnover of more than 10 trillion rubles per year, which is currently taking place outside the regulated zone, outside our attention,” Chebeskov said.
Right now, much of this trading uses global platforms. These sites are not under Russian rules. A Bank of Russia report shows Russian users hold about 933 billion rubles, or $11.89 billion, on these foreign exchanges as of mid-2025.
Plus, Russians pay high fees to these platforms. Sergey Shvetsov, head of the Moscow Exchange’s Supervisory Board, says users lose around $15 billion each year in commissions. He added that global crypto exchanges make $50 billion in fees yearly from trading. Russia takes up about a third of that share.
“As soon as it becomes possible, we will begin to compete with the gray sector,” Shvetsov said.
Government Moves to Regulate the Market
Russian leaders want to bring this activity under control. The Bank of Russia and the government push for new laws. Vladimir Chistyukhin, a top Bank of Russia official, hopes a crypto regulation bill passes in the State Duma’s spring session.
The new rules would let licensed players like exchanges and brokers offer crypto services. This includes spot trading and more products. Only crypto exchange offices need special licenses. Unlicensed helpers face fines.
Both qualified and regular investors can join. But non-qualified ones face limits to protect them.
Moscow Exchange Steps Up with Crypto Products
The Moscow Exchange (MOEX) leads the way. It already offers cash-settled futures for Bitcoin (BTC at $68,381.59) and Ether (ETH at $1,959.20). Soon, it plans futures for Solana (SOL), Ripple (XRP), and TRX.
Under the new rules, MOEX and brokers can enter spot markets too. This will let Russians trade crypto directly on local platforms. It cuts fees to foreign sites and boosts local control.
- Current offerings: BTC and ETH futures
- Upcoming: SOL, XRP, TRX futures
- Future plans: Spot trading for all investors
Russia Tops Europe in Crypto Inflows
Russia is Europe’s biggest crypto market. Data from Chainalysis shows it received $376.3 billion in crypto from July 2024 to June 2025. That’s more than the UK’s $273.2 billion. Only Germany and Ukraine got over $200 billion in Europe.
This huge inflow shows strong demand. Sanctions and global shifts push more Russians to crypto for payments and savings.
| Country | Crypto Received (July 2024 – June 2025) |
|---|---|
| Russia | $376.3 billion |
| United Kingdom | $273.2 billion |
| Germany | Over $200 billion |
| Ukraine | Over $200 billion |
What Regulation Means for Investors and the Market
New rules could change everything. Local platforms compete with global ones. This means lower fees, better safety, and more options for Russians.
For investors, spot trading on MOEX opens doors. Qualified investors get full access. Others can trade with caps, reducing risks.
Russia’s move fits a global trend. Countries like the US and EU tighten crypto rules. But Russia focuses on licensed growth, not bans.
Challenges remain. High turnover shows demand, but regulation must balance innovation and safety. Penalties for unlicensed ops will clean up the ‘gray’ market.
Global Context: Wall Street Eyes Crypto Too
While Russia regulates, big players worldwide dive in. Apollo, a Wall Street firm with $900 billion in assets, partners on DeFi. It may buy up to 90 million MORPHO tokens to back credit markets. This shows crypto’s pull on traditional finance.
Why Watch Russia’s Closely
Russia’s crypto market is a powerhouse. With daily trades over $650 million and Europe’s top inflows, it’s set to grow. Regulation will shift power to local exchanges like MOEX. Watch for the spring bill – it could unlock billions more in activity.
For crypto fans, this means new chances in Russia. Lower fees, legal spot trades, and futures on top coins. Stay tuned as this market matures.
What do you think? Will regulation boost or slow Russia’s crypto boom? Share in the comments.
