Russia’s Finance Ministry and Central Bank Push Lawmakers in Moscow to Accelerate Crypto Regulation as Daily Digital Asset Turnover Reaches 50 Billion Rubles

Something big is happening in Russia’s digital economy — and officials are no longer whispering about it.

They’re talking numbers. Massive ones.

According to senior figures inside the government, Russians are pouring around 50 billion rubles into crypto every single day.

That’s roughly $648 million daily flowing through digital asset markets.

Over a year, that stacks up to more than 10 trillion rubles — about $129 billion — circulating largely outside official oversight.

Now, both the Finance Ministry and the central bank are urging lawmakers to move faster on regulating the market.

“Trillions of Rubles” in Citizens’ Hands

Speaking at the Alfa Talk conference, Deputy Finance Minister Ivan Chebeskov didn’t mince words.

He made it clear that crypto is no fringe hobby in Russia.

Millions of Russians are already involved, he said, with trillions of rubles tied up in digital assets — either in active use or stored as savings.

The concern? Most of that activity is taking place beyond regulatory supervision.

Chebeskov pointed out that a 50-billion-ruble daily turnover means the government is effectively watching a parallel financial system grow in real time — one that sits outside formal control.

Sanctions and the Crypto Question

The surge in crypto adoption hasn’t happened in isolation.

Since the start of the war in Ukraine, Russia has faced sweeping economic sanctions from the United States and European Union.

Access to global banking systems has tightened, cross-border payments have become more complicated, and foreign reserves have been frozen.

Against that backdrop, digital assets have offered an alternative channel for value transfer.

European policymakers have taken notice.

The European Union is reportedly pushing for stricter measures that could block cryptocurrency transactions linked to Russia as part of broader sanctions packages.

Concerns center on whether digital assets might help sanctioned individuals or entities move funds internationally.

That pressure adds urgency to Moscow’s internal regulatory debate.

From Ban to Framework: A Policy U-Turn

Interestingly, Russia’s stance on crypto has not always leaned toward legalization.

In the past, the Central Bank of Russia advocated for an outright ban on cryptocurrency trading and mining, citing financial stability risks.

But by late December, the tone had shifted dramatically.

Instead of banning crypto, the central bank released a proposal that would allow regulated access to certain digital assets.

The framework would:

• Permit both qualified and non-qualified investors to purchase approved crypto assets

• Cap non-qualified investors at 300,000 rubles (around $3,800) per year

• Allow broader access for qualified investors

• Exclude privacy-focused coins from the regulated market

It’s a cautious but clear pivot: manage the market rather than eliminate it.

Lawmakers Face a Spring Deadline

Momentum now appears to be building inside the legislature.

During the same conference panel, Vladimir Chistyukhin, first deputy chairman of the central bank, expressed hope that crypto regulation could be passed during the spring session of the State Duma.

That session is one of two annual legislative periods in Russia.

If the law passes, it would open the door to a transition period where crypto businesses could obtain licenses and formalize their operations.

In simple terms: legalization, but under tight supervision.

Why Adoption Is So Strong

Russia has long ranked high in global crypto adoption metrics.

Several factors help explain this:

• A well-developed tech sector and strong engineering talent

• Widespread familiarity with digital payments

• Capital controls and currency volatility concerns

• Limited access to Western financial infrastructure

Additionally, Russia has been a major player in crypto mining due to its abundant energy resources, particularly in regions with surplus electricity capacity.

All of this means the infrastructure and demand are already in place.

Regulation would simply bring the activity into the light.

What’s Next?

The spring session of the State Duma will be critical.

If lawmakers approve the framework, Russia could move toward a semi-regulated crypto environment by mid-year.

That would likely mean:

• Licensing requirements for exchanges and service providers

• Investor classification systems

• Compliance rules aligned with anti-money laundering standards

• Greater monitoring of large transactions

At the same time, geopolitical pressure could intensify.

If the European Union tightens crypto-related sanctions, Russia may face additional external constraints even as it formalizes domestic oversight.

In short, the next few months could define whether Russia becomes a tightly regulated crypto hub — or remains a high-volume but loosely supervised market.

Summary

Russia’s Finance Ministry and central bank are pushing for faster crypto regulation as daily trading volumes reportedly hit 50 billion rubles, or roughly $648 million.

Officials say millions of citizens are already involved, with trillions of rubles circulating outside regulatory oversight.

Amid ongoing Western sanctions and rising geopolitical tensions, Moscow appears to be shifting from earlier calls for a crypto ban toward a structured regulatory framework.

If legislation passes during the State Duma’s spring session, Russia could soon legalize and license much of its crypto market — bringing one of the world’s fastest-growing digital asset economies under formal supervision.