Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, recently announced that a bill designed to "remove cryptocurrencies from special financial regulation" is now ready and slated for focused discussion at the upcoming spring session.
The core objective of this legislation is to make cryptocurrencies a routine part of daily life for Russian citizens, rather than treating them as financial products requiring special oversight.
01 Core of the Bill: From Special Regulation to Everyday Use
Russia’s approach to cryptocurrency regulation is at a historic turning point. According to Anatoly Aksakov, a critical bill has been drafted to exempt cryptocurrencies from special financial regulation.
This legislation shifts cryptocurrencies from being "specially regulated assets" to "commonplace phenomena in daily life," signaling a fundamental change in the legal status of digital assets in Russia.
Aksakov explained that the bill will allow professional participants in financial markets to use cryptocurrencies without restriction. Non-qualified investors will also gain access, although certain limitations will apply.
He emphasized that, in the future, Russian residents will be able to use digital currencies for international settlements and raise foreign capital by issuing such assets on global financial markets.
02 Market Context: Europe’s Largest Crypto Market Poised for Growth
This bill is grounded in the reality that Russia has already become Europe’s largest cryptocurrency market.
Data shows that between July 2024 and June 2025, Russia’s crypto transaction volume reached $376.3 billion, surpassing the UK’s $273.2 billion and making Russia the largest crypto market in Europe.
Notably, Russia’s large transactions (over $10 million) grew by 86% during this period—nearly double the 44% growth rate seen in other European regions.
In early 2025, Russia’s decentralized finance activity surged eightfold before stabilizing at three and a half times the mid-2023 level. This vibrant market activity provides a solid foundation for regulatory reform.
03 Digital Financial Assets: Russia’s Unique Approach to Tokenization
Russia’s digital financial asset (DFA) market has taken shape. According to estimates from the Russian central bank, the DFA market grew by more than a third in 2025, reaching $13 billion.
Unlike many Western tokenized products, Russia’s DFAs are built on private blockchains and can only be traded on domestic platforms licensed by the central bank.
Russian DFA issuers have tokenized a wide range of assets, from cocoa beans to St. Petersburg real estate. In the first nine months of 2025, total DFA issuance in Russia increased by 33%.
Short-term DFAs delivered average yields this year that were 1.7 percentage points higher than short-term bonds, further fueling market growth.
04 Exchanges and Derivatives: Traditional Financial Institutions Step In
As the regulatory landscape becomes clearer, Russia’s major exchanges are preparing for cryptocurrency trading. Both the Moscow Exchange and the St. Petersburg Exchange have confirmed that, once Russia’s legislative framework takes effect in mid-2026, they will launch regulated cryptocurrency trading.
Crypto derivatives are also showing robust growth in Russia. On the Moscow Exchange, cryptocurrency futures trading volume hit $636 million in November 2025, setting a new record for futures contracts.
Since Russian investors cannot buy popular US-based Bitcoin and Ethereum exchange-traded funds, the Moscow Exchange and leading banks have launched their own fund products.
These products track the prices of popular offerings such as BlackRock’s iShares Bitcoin Trust ETF. As regulations ease, access to these products will further expand.
05 Mining Industry: From Gray Area to Legal Economic Pillar
Bitcoin mining has become a significant part of Russia’s economy. Russia’s mining output peaked in 2024 at around 2.1 to 2.2 gigawatts. Although it dipped to about 1.7 gigawatts in 2025, it is expected to return to peak levels in 2026.
Industry estimates indicate that Russia produces tens of thousands of bitcoins annually, with daily mining revenue around 1 billion rubles. During summer months, Russia’s share of global hash rate exceeds 16%.
Central Bank Governor Elvira Nabiullina recently acknowledged that cryptocurrency mining helps strengthen the ruble, though she noted it is difficult to quantify the exact impact since much of the industry operates in a gray area.
Illegal mining causes billions of dollars in annual losses for Russia through electricity theft and tax evasion. On November 1, 2024, Russia legalized cryptocurrency mining, requiring legal entities to register with the Federal Tax Service.
06 Policy Evolution: From Conservative to Open Regulation
The shift in Russia’s cryptocurrency regulation began in mid-2024, when the Ministry of Finance first proposed allowing qualified investors to trade digital currencies on licensed exchanges.
In spring 2025, facing Western sanctions that restricted traditional financial channels, Russia introduced a special legal regime permitting the use of digital currencies for cross-border payments.
In May 2025, the Russian central bank authorized financial institutions to offer crypto derivatives to qualified investors. By November, Moscow’s financial regulators began discussing the possibility of relaxing stringent requirements for investors.
Under new regulations expected to take effect on July 1, 2026, ordinary qualified investors—and even regular citizens—will be able to legally buy Bitcoin and other cryptocurrencies, though the annual purchase limit for non-qualified investors will be set at 300,000 rubles (about $3,800).
As the regulatory framework matures, major trading platforms such as the Moscow Exchange and St. Petersburg Exchange are ready to roll out cryptocurrency trading services.
Outlook
As of January 14, the cryptocurrency market in Russia is showing mixed trends amid positive regulatory developments. Among major coins, the price of Bitcoin is fluctuating around 94,500.
The total crypto market capitalization is approximately $3.09 trillion, with Bitcoin accounting for 58.43%—about $1.8 trillion. The price of Ethereum is hovering near $3,350.
Meanwhile, Russia’s crypto future is already unfolding—the DFA market has reached $13 billion, Moscow Exchange’s crypto derivatives trading volume has hit a record $636 million, and the mining industry is returning to its peak capacity of 2.2 gigawatts.
Once the new bill is passed, Russia’s cryptocurrency market will enter a new chapter—one whose opening lines are already written in the draft legislation soon to be reviewed by the State Duma.
