Russia Moves Towards a Regulated Crypto Market

Russia is moving steadily toward a regulated crypto market. Reportedly, the country’s largest exchanges; Moscow Exchange and the St. Petersburg Exchange are getting ready to offer crypto trading once new laws come into force. 

This marks an important step in Russia’s changing approach to digital assets, combining strict rules with rising economic and strategic interest.

Russia Prepares for Regulated Crypto Trading But Remain Cautious 

The Moscow Exchange is developing systems to support crypto trading, while the St. Petersburg Exchange says its trading and settlement systems are already ready.

The move follows the Bank of Russia’s December 23 regulatory plan, which sets July 1, 2026, as the deadline for full digital asset laws. This initiative builds on plans first proposed in mid-2024 to allow qualified investors to trade crypto on licensed exchanges.

Despite progress toward regulated trading, Russian authorities say digital assets will not be allowed for domestic payments. Officials have repeatedly said that digital assets will never replace the ruble as money in Russia. The government recently announced plans to launch its own Central Bank Digital Currency (CBDC) in 2026. 

This position reflects the central bank’s cautious stance. While it once pushed for a total ban on crypto exchanges and token trading, Western sanctions forced a policy shift toward controlled use rather than outright prohibition.

Russia’s Crypto Economy Sees Rapid Growth 

Russia’s crypto activity has expanded far beyond speculation. Between July 2024 and June 2025, the country recorded over $376 billion in received crypto transactions. This figure surpassed the United Kingdom and made Russia Europe’s largest crypto market by transaction volume. 

Large transfers above $10 million increased sharply during the period. Decentralized finance (DeFi) activity also surged in early 2025 and later stabilized at levels well above those seen in 2023.

Furthermore, crypto mining has emerged as a key part of Russia’s digital asset economy. Senior government officials say crypto mining should be classified as export activity. Officials say mined digital assets can move abroad without crossing physical borders. 

The central bank governor has noted that mining helps support the ruble, though its exact impact is hard to measure. However, illegal mining remains a serious issue, costing Russia billions each year in stolen electricity and unpaid taxes.

Russia Expands Regulated Crypto Mining and Investments

Russia officially legalized crypto mining on November 1, 2024, and required mining companies to register with the Federal Tax Service. Since then, large institutions have started to enter the sector.

Sberbank, the country’s largest bank, has launched regulated crypto-linked investments worth 1.5 billion rubles, including structured bonds and digital assets tied to major cryptocurrencies. 

Bank leaders say talks with regulators are ongoing as they work to add crypto services within approved rules and develop their own blockchain systems.