The Finance Ministry of Russia estimates that daily cryptocurrency turnover in the country has reached approximately 50 billion roubles ($650 million), demonstrating the vast scale of domestic activity ahead of proposed legislation to regulate the sector.
Deputy Finance Minister Ivan Chebeskov stated that these volumes indicate a market involving millions of citizens and an annual turnover exceeding 10 trillion roubles, which currently operates outside the formal regulatory framework, as per the Ministry of Finance.
These remarks come as legislators gear up to review a draft framework in the spring session that would integrate cryptocurrency transactions into Russia's existing financial infrastructure.
Russian financial institutions have expressed their readiness to venture into the crypto market once the regulations are clarified. Officials believe that formalizing the sector would enable domestic venues to compete with offshore platforms and bring a significant portion of trading activity under supervision.