Russian crypto trading to bring $46B to regulated exchanges in first year after legalization: Report

Cryptocurrency trading in Russia is expected to bring 4 trillion rubles ($46.4 billion) in trading volume for regulated domestic exchanges in the first year after legalization, according to estimates from Sber, the country’s largest bank.

Domestic crypto trading volumes on regulated exchanges could grow to about 7.5 trillion rubles by 2029, Sber’s Deputy Chairman, Anatoly Popov, told Tass in a Saturday report. 

Popov attributed the conservative forecast to the fact that a large share of crypto transactions will continue to be conducted through cryptocurrency exchanges that are not regulated in Russia, bypassing trading on organized platforms.

The forecast was revealed shortly before Russia’s new crypto market regulations take effect on Sept. 1, under a law signed by President Vladimir Putin on Aug. 4. 

On Aug. 11, Russia’s central bank compiled a proposed list of crypto assets that could be admitted to public trading on exchanges under the new rules. The list includes Bitcoin, Ether and Tether’s stablecoin USDT.

Under the rules, non-qualified investors could buy up to 300,000 Russian rubles worth of cryptocurrency per year through each intermediary, including a broker, crypto exchange service or asset manager. Qualified investors would face no purchase limits for crypto assets traded on exchanges or over-the-counter markets. 

Related: Russia cracks down on 9 crypto exchanges in Moscow City