According to ME News, on September 23 (UTC+8), Ivan Chebyshev, Deputy Minister of the Russian Ministry of Finance, stated that Russia has approximately 20 million cryptocurrency users, with the total value of cryptocurrencies and related financial products held by citizens amounting to around 3.7 trillion rubles (approximately $44 billion). The country’s daily cryptocurrency trading volume is about 50 billion rubles (approximately $595 million), with an annual trading volume of roughly 10 trillion rubles (approximately $119 billion). Russia’s goal in advancing comprehensive regulation is to establish a transparent and lawful cryptocurrency market, clearly defining the rights and responsibilities of service providers, intermediaries, and investors. Chebyshev noted that Russia plans to impose criminal liability on illegal cryptocurrency trading activities starting July 1, 2027, excluding ordinary individual transactions. The Ministry of Finance and the Central Bank are also studying the operational model and application scenarios for a domestic stablecoin. Additionally, if assets such as USDT or USDC are frozen due to actions by foreign issuers, and Russian custodial institutions are not at fault, losses will generally be borne by investors. (Source: Foresight News)
Russia's Ministry of Finance Reveals 20 Million Crypto Users and $119 Billion Annual Transaction Volume
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Russia’s Ministry of Finance revealed 20 million crypto users, with total holdings reaching 3.7 trillion rubles ($44 billion). Daily transaction volume stands at 50 billion rubles ($595 million), and annual liquidity and crypto market activity reached 10 trillion rubles ($119 billion). The government plans to establish a legal crypto market by 2027, imposing criminal liability for illegal activities while exempting personal transactions. AML/CFT measures are part of the framework as officials explore domestic stablecoin models.
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