Russia’s regulated cryptocurrency market could record roughly 4 trillion rubles ($46.43 billion) in trading volume during its first year, with the figure potentially climbing to about 7.5 trillion rubles ($87.06 billion) by 2029, according to Sberbank Deputy Chairman Anatoly Popov in an interview with TASS. The estimates, prepared by the bank’s SberCIB Investment Research analysts, arrive days before Russia’s new rules for legal crypto trading take effect on September 1, offering one of the first concrete attempts to size the incoming market.
The SberCIB Projection
Popov cited Finance Ministry data showing daily cryptocurrency transactions in Russia running at about 50 billion rubles, or roughly 18 trillion rubles a year. SberCIB analysts estimate that in the first year after legalization, around 20% of that volume — between 3.5 trillion and 4 trillion rubles — will migrate to regulated exchanges. The share is projected to reach 4.75–5.25 trillion rubles by 2028 and 7.5 trillion rubles by 2029 as more investors move onto official venues.
Why the Forecast Is Conservative
The outlook deliberately understates the market’s eventual scale. Popov said a significant share of crypto activity is expected to keep flowing through cryptocurrency exchange services that bypass licensed trading venues, limiting how much volume the regulated market captures at first. The rules take effect on September 1, but professional market participants have until July 1, 2027, to obtain licenses, meaning the market will not reach full maturity within the first year. Those conditions keep near-term projections well below Russia’s total crypto turnover.
A Staged Opening for Russia’s Crypto Market
Russia has been building out its digital-asset framework in stages, with Sberbank central to the rollout. The lender has separately outlined a planned off-chain crypto trading system and said it will accept Bitcoin, Ethereum and USDT as loan collateral, positioning itself as a gateway to the country’s regulated market. Popov made the remarks ahead of the Eastern Economic Forum, which runs September 1–4 in Vladivostok, where officials and businesses are expected to debate the next steps for the regime.
What the Numbers Signal
The projection suggests Russia’s regulated crypto market will begin as a modest fraction of the country’s broader crypto activity before expanding gradually. If the estimates hold, official venues would process billions of dollars in annual volume while most transactions continue through informal channels. The SberCIB figures offer an early benchmark for how quickly regulated trading could scale once the September 1 framework goes live.
