Russia Reports $648M Daily Crypto Trades, Speeds Rules

Russia’s Ministry of Finance says citizens now move nearly $648 million in crypto every day. That equals more than $130 billion a year. Deputy Finance Minister Ivan Chebeskov shared these figures during a recent conference. He warned that most of this activity happens outside government oversight. 

Russia’s Ministry of Finance has revealed massive data regarding the adoption of digital assets in the country. Russian citizens are recorded to be conducting crypto transactions averaging around $648 million per day.

Deputy Finance Minister Ivan Chebeskov stated that,… pic.twitter.com/JLRkj3sEW0

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Millions of Russians are using crypto. Mainly for savings, payments and cross border transfers. As a result, lawmakers are now rushing to create clearer rules for exchanges. Officials say regulation must move fast as adoption keeps rising.

Crypto Use Surges Under Sanctions Pressure

Crypto activity in Russia has grown sharply over the past two years. Western sanctions limited access to traditional global finance. So, many businesses and individuals turned to digital assets instead. Officials say millions of citizens now use crypto regularly. Some use it as a savings tool. Others use it for cross border payments. Many simply trade it as an investment. Chebeskov said the numbers continue to grow each month.

But most of this activity sits in a legal gray zone. The state can’t fully monitor or control these flows. That worries policymakers. They fear risks tied to fraud, money laundering and capital flight. So, they now see regulation as unavoidable.

Government and Central Bank Align on New Approach

For years, Russia’s central bank pushed for strict limits on crypto. It even supported bans on certain activities. But the tone has changed recently. Now the central bank and the finance ministry are working together. They support a regulated crypto market. Officials say the goal is to bring exchanges under state oversight. The central bank also backs a transition period. This would give companies time to apply for licenses. It would also help users move to approved platforms. The shift shows a more practical approach to crypto policy.

Fast-Track Exchange Rules Coming This Spring

Lawmakers plan to introduce a new crypto bill during the spring parliamentary session. The draft could reach the State Duma as early as March 2026, while officials hope to pass it by mid-year. This new framework will focus on exchange licensing. Specifically, platforms will need official approval to run, and those that fail to comply could face penalties or shutdowns. The goal is simple; namely, the government wants to bring crypto activity into the open. Furthermore, officials say clear rules will protect users and reduce illegal activity.

Traditional Finance Eyes the Crypto Market

Major financial players are already preparing for the new rules. The Moscow Exchange has shown interest in entering the crypto space. It may offer digital asset services once regulations are in place. This could mark a big shift. Traditional finance and crypto markets may start to merge under state supervision. Officials believe this approach could strengthen the financial system. At the same time, it gives the  Russian government more control over a rapidly growing sector. With billions flowing through crypto each week, Moscow now sees regulation as a priority, not an option.