Russia’s deputy finance minister Ivan Chebeskov said roughly 50 billion rubles in crypto transactions occur daily, amounting to more than 10 trillion rubles, or about $129 billion, annually outside regulatory oversight.
Speaking at the Alfa Talk conference, Chebeskov warned that millions of citizens are engaged in digital asset activity that remains largely unregulated and “outside our attention.”
“Also, for example, one of the figures, about 50 billion rubles per day is the turnover of crypto in our country. That is a turnover of more than 10 trillion rubles per year, which is now happening outside the regulated zone, outside our attention,”
He said.
The comments come as Russia’s finance ministry and central bank push to accelerate crypto market regulation amid rising domestic adoption and ongoing Western sanctions.
The European Union has raised concerns about Russia’s potential use of crypto to bypass sanctions and is reportedly considering broader restrictions on transactions involving Russian entities.
In December, the Central Bank of Russia proposed allowing both qualified and non-qualified investors to access certain crypto assets, with a 300,000 ruble annual cap for retail participants.
First deputy chairman Vladimir Chistyukhin said he hopes the State Duma will adopt crypto legislation during its spring session, enabling a transition period for licensing and formalising the sector.