Russia: Crypto Market Valued at $44 Billion

The Russian Ministry of Finance estimates that the crypto assets held by Russians amount to $44 billion. This figure, based on expert estimates, is significantly higher than the data published by the Central Bank.

In Brief

• About 20 million Russians are estimated to hold cryptocurrencies, totaling approximately 3.7 trillion rubles, or $44 billion.
• Daily trading volumes could reach up to 50 billion rubles.
• The Central Bank estimated that balances held on platforms were around 720 billion rubles in the first quarter of 2026.

A $44 Billion Figure Still Difficult to Verify

Russian estimates of the size of the crypto market vary widely. The Central Bank recently estimated citizens' holdings on exchange platforms at around 720 billion rubles. The Ministry of Finance, on the other hand, puts the figure at 3.7 trillion.

Ivan Chebeskov, Deputy Minister of Finance, communicated these figures in an interview with TASS on September 21, coinciding with the opening of the Moscow Financial Forum.

The official refers to "expert estimates" without specifying the sources or the methodology used. According to him, the amount includes cryptocurrencies held directly as well as part of financial products related to crypto assets.

Other data also show the gap between estimates. Triple-A counts 8.7 million holders in Russia, while Sberbank previously mentioned a range of 7 to 20 million people.

50 Billion Rubles Traded Daily

The Ministry also estimates a daily trading volume of about 50 billion rubles, or nearly $595 million. Over a year, this would represent around 10 trillion rubles in transactions.

So far, a large part of this activity has escaped Russian financial infrastructures. However, the situation is beginning to change.

Since September 1, new regulations have been put in place to govern crypto-related operations. Trading, custody, and accounting activities must gradually go through licensed actors, including exchanges, brokers, asset management companies, and digital custodians.

Holders will also need to declare certain foreign wallets to tax authorities. International transfers must also go through regulated intermediaries.

Vladimir Chistyukhin, First Deputy Governor of the Central Bank, aims to create a legal crypto industry by the end of the year. The Moscow Exchange plans to launch crypto listings in December.

However, Moscow's position remains clear: cryptocurrencies cannot be used for domestic payments, and their use is limited to certain international payments.

Foreign Holdings at the Heart of the Strategy

Another issue that could quickly gain importance is stablecoins. These digital assets, typically pegged to the dollar, are already being used for cross-border transactions.

The Central Bank and the Ministry of Finance are working on their regulation. In June, the Central Bank published a consultation document acknowledging that no specific definition of stablecoin currently exists in Russian law.

The repatriation of assets held abroad remains the main challenge. Rosfinmonitoring estimated the average assets of Russians on unregulated international platforms at 933 billion rubles per month.

It remains to be seen whether holders will actually transfer their assets to licensed infrastructures in Russia. The Central Bank has already set a limit: the crypto exposure of brokers cannot exceed 25% of their own funds.